Kuflink celebrates doubling profits
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.
Kuflink celebrates record year
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.”
Kuflink achieves record profit and enhances lending process
Kuflink, a short-term lending company, has reported a record-breaking annual profit of £1.89m, more than doubling from the previous year’s profit of £729,122.
CEO Narinder Khattoare credits the team’s efforts for the financial success amid economic uncertainty.
He said: “Against a background of continuing national economic uncertainty, Kuflink has demonstrated its desire to constantly improve. 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 £35m 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 have been the strides we have made to streamline the application process by the adoption of new technology, which we are sure will give our introducers an even better service in 2024.”
Khattoare added: “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.”
Short-term lender Kuflink sees annual profit double
Short term lender Kuflink reported an annual profit of £1.89m, over double the previous year of £729,122.
Kuflink’s chief executive officer Narinder Khattoare said that against a background of continuing national economic uncertainty, Kuflink had demonstrated its desire to constantly improve.
“During the latter part of 2023, we increased our ability to fund more loans via a £35m 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”.
Khattoare also highlighted efforts to streamline the application process by the adoption of new technology.
Kuflink reports double profits
Toward the end of 2023 Kuflink received a £35m structures funding facility from Paragon Bank, which provided access to institutional capital as well as new funding options and an alternative source of debt finance to the company, said Narinder Khattoare, CEO at Kuflink (pictured above).
Narinder continued: “By dint of the hard work of all of the Kuflink team, we have more than doubled our annual profits.
Other notable achievements have been the strides we have made to streamline the application process by the adoption of new technology, which we are sure will give our introducers an even better service in 2024.”
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