Lender to surpass £1M profit target

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Launceston-based national marketplace lender, Folk2Folk, says it expects to turn a seven-figure profit for its 2020 financial year, surpassing its pre-pandemic profit target.

The anticipated profit of around £1 million is a significant increase from its pre-tax profit of £198k for the previous year, and marks two consecutive years of profit for the company.

This latest announcement builds on a strong start to the year for Folk2Folk, which has announced new additions to its broker team, a lending milestone of £400 million and strong uptake of its Innovative Finance ISA (IFISA). This month, the company celebrates its biggest month to date, during which it facilitated £15 million of borrowing and investing.

MD Roy Warren said: “Platform profitability is of increasing importance to all stakeholders, with investors in particular seeking stable investment vehicles and returns.

“Despite the headwinds presented by Covid-19, we have gone beyond our 2020 profit target which was set well before the outbreak of the pandemic, making it an even more meaningful achievement for us.”