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.”
