The European peer-to-peer lending platform Neo Finance financed a record EUR 5.73 million (GBP 4.95 million) in consumer loans in the first quarter, an increase of 17 percent over the previous year.
The number of registered lenders on the platform rose 27 percent year over year, and the number of active investors rose 564 to a total of 12,865 at the end of March.
The platform increased the maximum loan size for its most creditworthy borrowers to € 25,000 and extended the repayment period to 10 years. In addition, the maximum loan size for C-rated borrowers has been increased to € 14,000.
The company also announced that it had completed transactions of EUR 3.48 million with its e-money product Neopay. This was an increase of € 1.24 million in the same quarter of the previous year.
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Neo Finance expanded Neopay to over 100 affiliated financial institutions after integrating large banks in Poland, Sweden, Finland and Norway into the service in the first quarter.
In the first three months of 2021, an increasing number of international partners and referral programs attracted 1,499 new registrations to Neo Finance.
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