Connect with us

Crowdfunding

UK based Marketplace Lender Growth Street Says All its Platform Investors to Get their Money Back, as Company Winds Down Operations

Avatar

Published

on

UK-based marketplace lender Growth Street revealed on Tuesday (January 12, 2020) that all of its platform investors would be getting their funds back, as the company continues to wind down its operations (while still being solvent). 

Kim Goetzke, COO at Growth Street, noted that returning “as much of each investor’s assigned balance, as quickly as possible, has been a core focus since we declared the Resolution Event in June of last year” (which came following the COVID-19 outbreak in March 2020).

Growth Street’s management stated that investors will be getting “100% recovery of balances assigned on the occurrence of the Resolution Event called in June 2020.”

Growth Street’s business began to experience challenges when awareness about the Coronavirus crisis became more widespread in March of last year. At that time, the company had started limiting withdrawals via its platform by carrying out a “liquidity event.” The firm initiated a “resolution event” as well in June 2020 in order to recall its outstanding loans and then decided to wind-down its lending business in July of last year.

Goetzke remarked: 

“I want to thank our team for their efforts – returning 100% of assigned balances is a great source of professional pride for us. I also want to thank our investors for their patience and support whilst we navigated this process.”

Growth Street is currently working on improving the efficiency of its operations so that it’s able to continue its collection process against outstanding balances while also servicing the firm’s remaining creditors.

In 2020, Goetzke had stated that the marketplace lender was looking into various options that could enable them to establish “an economically viable business going forward whilst allowing [them] to offer a market-leading proposition for [their] customers.”

Growth Street had started off with the mission to help UK-based businesses grow or scale their operations. 

The company had noted that “ambitious businesses have many challenges to deal with, not least the struggle to find the right finance in a crowded, often confusing marketplace.” Growth Street had planned to “make things simpler and smarter,” but it appears that it became too challenging for Growth Street itself to maintain operations during these unprecedented times.

Growth Street’s flagship business finance product, GrowthLine, had been designed to work “much like an overdraft: once we’ve given you a limit, you can draw down funds and make repayments as often as you like in a given month.” Borrowers only had to “pay for what they used: if your balance stays at £0 through a month, that period won’t cost a thing.”

Before winding down operations, Growth Street claimed that it had “matched £175m of investors’ funds with growing businesses since launching.” The platform had been authorized and regulated by the UK’s Financial Conduct Authority.

The company had been looking to help businesses with more than £250k in revenue, and with at least 15 months of trading history (before beginning to close down operations).

Source: https://www.crowdfundinsider.com/2021/01/171182-uk-based-marketplace-lender-growth-street-says-all-its-platform-investors-to-get-their-money-back-as-company-winds-down-operations/

Crowdfunding

UK based P2P Lender Folk2Folk Says it’s Still Open to Retail Investors, with £400M+ Invested via Platform and Zero Losses

Avatar

Published

on

UK-based Folk2Folk, a P2P lender supporting local and rural businesses, notes that “shifting sands” within the peer to peer sector have left some retail investors “high and dry.” Folk2Folk reveals that some retail investors have been “abandoned” in favor of institutional investors. There have also… Read More

The post UK based P2P Lender Folk2Folk Says it’s Still Open to Retail Investors, with £400M+ Invested via Platform and Zero Losses appeared first on Crowdfund Insider.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.crowdfundinsider.com/2021/03/172779-uk-based-p2p-lender-folk2folk-says-its-still-open-to-retail-investors-with-400m-invested-via-platform-and-zero-losses/

Continue Reading

Crowdfunding

All Non-Essential UK Retail Businesses May Reopen from April 12, 2021, Funding Circle Confirms while Sharing Other Small Business Tips

Avatar

Published

on

Online lender Funding Circle (LSE:FCH) recently commented on what the roadmap out of the COVID-19 lockdown means for small businesses. On February 22, 2021, the UK government announced its “highly anticipated” four-phase roadmap out of the Coronavirus-related lockdown — and contained within it were several… Read More

The post All Non-Essential UK Retail Businesses May Reopen from April 12, 2021, Funding Circle Confirms while Sharing Other Small Business Tips appeared first on Crowdfund Insider.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.crowdfundinsider.com/2021/03/172783-all-non-essential-uk-retail-businesses-may-reopen-from-april-12-2021-funding-circle-confirms-while-sharing-other-small-business-tips/

Continue Reading

Crowdfunding

Australia Is Home to At Least 733 Active Fintech Firms, Up from 629 in September 2019: Report

Avatar

Published

on

Australia is currently home to at least 733 active Fintech firms, up considerably from 629 back in September 2019, according to the KPMG Fintech Landscape 2020 map. This represents an increase of 104 firms that joined the nation’s financial technology industry between September 2019 and… Read More

The post Australia Is Home to At Least 733 Active Fintech Firms, Up from 629 in September 2019: Report appeared first on Crowdfund Insider.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.crowdfundinsider.com/2021/03/172737-australia-is-home-to-at-least-733-active-fintech-firms-up-from-629-in-september-2019-report/

Continue Reading

Crowdfunding

Open Banking related Services are Now Key Focus Area for Professional Bankers Globally: Report

Avatar

Published

on

Banking software firm Temenos (SIX: TEMN) has released a report, titled “Open Banking: Revolution or Evolution?”, which was authored by the Economist Intelligence Unit (EIU) and it’s also based on a survey of more than 300 senior banking professionals. The report revealed that almost half… Read More

The post Open Banking related Services are Now Key Focus Area for Professional Bankers Globally: Report appeared first on Crowdfund Insider.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.crowdfundinsider.com/2021/03/172741-open-banking-related-services-are-now-key-focus-area-for-professional-bankers-globally-report/

Continue Reading
Esports3 days ago

PowerOfEvil on TSM’s Spring Split playoff preparation: ‘A lot of things are going to change in the next couple of days’

Blockchain1 day ago

‘Bitcoin Senator’ Lummis Optimistic About Crypto Tax Reform

Aerospace3 days ago

Astra’s 100-year plan: Q&A with CEO Chris Kemp

Blockchain1 day ago

Dogecoin becomes the most popular cryptocurrency

Gaming2 days ago

Betfred Sports, Represented by SCCG Management, Signs Multi-year Marketing Agreement with the Colorado Rockies

Blockchain1 day ago

NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry

AR/VR2 days ago

‘Farpoint’ Studio Impulse Gear Announces a New VR Game Coming This Year

Payments3 days ago

4-parter on Coinbase “IPO” – Part 1 = 5 Reasons Why It Matters

Blockchain1 day ago

Bitcoin Price Analysis: Back Above $50K, But Facing Huge Resistance Now

Blockchain1 day ago

Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm

Cyber Security4 days ago

How you can get someone’s Snapchat password?

Automotive4 days ago

Rivian shares details on the R1T pickup’s clever battery heating strategies

Aerospace3 days ago

Partners produce rotor blade 3D-printed tool on Ingersoll 3D printer

Blockchain1 day ago

Institutional Investors Continue to Buy Bitcoin as Price Tops $50K: Report

Cyber Security4 days ago

Most Popular Software Trends for 2021

Cyber Security4 days ago

Critical Vulnerability Discovered in a Firewall Appliance Made by Genua

Esports3 days ago

How to download Pokemon Unite APK, iOS, and Switch

Aviation3 days ago

Uganda Airlines To Fly The Rare Airbus A330-800 To London Heathrow

Private Equity3 days ago

Instacart raises $265M at a $39B valuation

AI2 days ago

How AI is Transforming Cybersecurity in 2021?

Trending