Property focussed FinTech lender reports 5,520% revenue growth
Posted on November 23, 2020 by Alistair Hardaker
Buy-to-let FinTech lender Landbay has has announced a 5,520% growth in revenue from 2016 to 2020, lending over £600m during the period.
The new figures follow a major additional funding deal with a leading international asset manager worth £300m a year which will enable it to expand its lending further still.
This deal is in addition to the bank funding deal that Landbay announced in July and the £1bn funding deal it announced in mid-2019.
The firm said it makes Landbay one of the most diversely funded buy-to-let lenders in the UK, with funds from an investment bank sponsored securitisation programme, as well as from deposit taking banks.
Landbay uses its tech to streamline its online lending process via its bespoke platform and is 100% paperless with e-signatures and micro services. In 2018 British tennis hero Andy Murray invested in the FinTech start-up.
Its process is cloud-based and scalable, allowing it to turnaround every enquiry in under 72 hours.
The company said it now has ambitions not only to increase lending but to change the way that buy-to-let lending is carried out.
Landbay was Amazon Web Services’ first case study as the first 100% cloud-based firm to be fully FCA authorised.
Julian Cork, COO of Landbay, said, “The huge growth we’ve achieved is a testament to how hard our team has worked over the past four years and the excellent intermediaries we work with. We set out to become the leading customer services company designing better ways to buy-to-let and this recognition from Deloitte shows we are well on the way to achieving this.
“The key to our success is our scalable, technology enabled and service-focused lending platform. We designed process and systems that means we can do things faster and more efficiently and crucially, provide a better experience for intermediaries and their clients.
“While the growth of Landbay is incredibly important, we also want to help change the shape of the whole buy-to-let industry providing intermediaries with a vision of what lending could and should look like.”