Short-term lender Kuflink reported an annual profit of £1.89 million, a significant increase from the £729,122 achieved in the previous year.
Kuflink pointed to its £35 million structured funding facility from Paragon Bank, secured in the second half of last year, as having increased its ability to fund more loans. It means Kuflink has access to an alternative source of debt finance, alongside its peer-to-peer (P2P) platform.
Narinder Khattoare (pictured), CEO of Kuflink, paid tribute to the efforts of the lender’s team in achieving such an improvement to its profits, and suggested that the lender’s efforts to streamline its application process and integrate technology had helped deliver an improved experience to introducers.
He concluded: “One of the things I am most proud of is the fact that not one of the investors in our P2P platform, which funds the majority of our loans, have lost a penny of their investment since we started lending in 2016. So I am delighted to announce that proud record remains the same after the latest financial results.”
Last year Kuflink announced it was targeting a £500 million loan book after reshuffling its senior team.