Plend Revenue and Competitors

Our vision is for a UK where everyone that can afford a low interest loan, can actually access one. Unfortunately this is currently not the case - it takes on average 59 seconds to score borrowers in the UK into either 'prime' (the top 26% of credit scores) or 'sub-prime' (the rest of us). If you're 'prime' you have access to the best products at an average of 7.3%. However, for the majority of us, we are forced into using short-term 'stop-gaps' (such as Credit Cards, Overdrafts, etc) at rates in average of 35.3%. Research from PwC and Experian found that at least 12 million 'subprime' borrowers are as reliable as prime borrowers, but are locked out from the best products because of either inaccurate information, minor blemishes in the last 6 years or they are completely invisible to the credit reference agencies! And that's why we built Plend - the UK's first Social Lending Marketplace, that allows people to lend to people that have previously been left behind by the existing credit scoring system. Plend allows borrowers (our ‘Plendies') to tell their story via our 'Marketplace', where Lenders (our ‘Plenders'), can scroll through to decide which Plendies they want to back with their investment - safe in the knowledge that they can sell their loan at any time, and have the added protection of the ‘Provision System' that will cover missed or delayed payments.