Kuflink made a report revenue of greater than £1.8m within the 12 months ending 30 June 2023, its highest annual revenue up to now.
That is greater than double the £729,122 revenue for the earlier 12 months.
The peer-to-peer lending platform expects to exceed this determine within the 12 months forward, as the corporate gears up for a rebrand and the continued growth of the enterprise.
Income was roughly £15m for the 12 months, whereas the gross mortgage e-book elevated by 25 per cent to £115m through the 12 months as much as 30 June 2023.
Learn extra: Kuflink moots new-look 2024
In July 2023, Kuflink secured a £35m revolving credit score facility with Paragon Financial institution, which can support within the progress of the corporate’s mortgage e-book this 12 months.
“We plan to surpass these figures subsequent 12 months,” Narinder Khattoare (pictured), chief govt of Kuflink, informed Different Credit score Investor.
“Fairness ranges are up, and we’ve elevated our headcount throughout underwriting specifically and in tech.
“The 2024 figures can have the Paragon factor in there too. We’ve nearly deployed the primary a part of the Paragon facility already which then triggers the accordion if we wish to draw down extra funds.”
Learn extra: CrowdProperty enjoys most worthwhile 12 months up to now
Khattoare mentioned that the platform’s financials would have been even higher final 12 months if it wasn’t for the rising base charge and the aftershocks of Liz Truss’s mini-budget in October 2022.
Regardless of financial instability, Kuflink maintained a low degree of credit score impairments final 12 months, with simply £8,417 written off, representing 0.77 per cent of the general mortgage e-book.
Khattoare informed Different Credit score Investor that he hopes to see a discount within the base charge sooner or later in 2024. He plans to proceed Kuflink’s progress by launching new services within the coming months.
“That is the 12 months of progress,” he mentioned. “Particularly if in case you have funding in place, it could possibly be a very good 12 months.
“Our rebrand ought to be accomplished by the tip of the month, and we’re engaged on a product or two that can come onto the platform as properly, together with a several types of asset class and a mortgage funding discussion board for lenders.”
Khattoare mentioned he’s additionally mulling a secured enterprise mortgage product, and can announce quite a lot of new platform options inside the first quarter of 2024.
Learn extra: The three main funding developments for 2024