Profits double in 2023
Short-term lender Kuflink has reported a record-breaking year, marked by a substantial increase in annual profit and the successful integration of technology into its application-to-completion process.
Narinder Khattoare (pictured), chief executive at Kuflink, disclosed an annual profit of £1.89 million, more than doubling the previous year’s figure of £729,122.
“Against a background of continuing national economic uncertainty, Kuflink has demonstrated its desire to constantly improve,” Khattoare remarked. “By dint of the hard work of all of the Kuflink team, we have more than doubled our annual profits.
“During the latter part of 2023, we increased our ability to fund more loans via a £35 million structured funding facility from Paragon Bank. This new funding line provides strategic access to institutional capital, scalable growth, new funding options and a significant alternative source of debt finance to the business, complementing our successful P2P platform.”
Other notable achievements, Khattoare added, have been the strides made to streamline the application process by the adoption of new technology.
“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,” he continued. “So, I am delighted to announce that proud record remains the same after the latest financial results.”
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