Lendy has revealed a 224% turnover increase in 2016 (to £29.2m), compared with the previous year (2015: £9m).

The P2P lending platform has published its audited accounts for 2016, which also showed that profits before tax increased to £3.3m, compared with the £53,000 reported in 2015.

Since its launch in 2012, Lendy has returned £36m in interest to investors, along with £141.5m in repayments of principal to investors.

So far, the platform has written almost £367m in loans secured against property, while its current outstanding loans amount to £186.5m.

Liam Brooke, director and co-founder at Lendy (pictured above), said 2016 was a strong year for the platform and it had built on this success during 2017.

“Our balance sheet is more robust, and our growth has been closely controlled.

“We’ve also experienced growth in every area of the business.

•   Lendy reaches £183m in total repayments to investors
•   Fleximize reports 33% lending growth
•   Lendy reports 164% profit increase

“We have put a huge amount of focus over the past year on the loans we offer to our lenders.”

Over 19,500 investors are registered on the Lendy platform and Liam revealed that it would continue to make improvements to its due diligence process.

“We made some major hires last year from institutional financial services backgrounds to help us to implement this programme.

“In fact, in 2018 we have already added Andrew Wawrzyniak as head of finance, who will continue to help us improve key areas, such as loan origination, due diligence and risk management.”

The second Lendy Cowes Week takes place from 4th-11th August 2018.