Growth Street loans under-management have reached £30m with all-time lending now more than £80m.

Peer-to-peer marketplace Growth Street launched in 2014 and aims to connect UK businesses with investors.

In particular, Growth Street targets funding to SMEs severely constrained by the lack of bank finance. At the same time, it aims to provide investors with attractive potential returns.

Growth Street’s flagship product, Growth Line, works much like an overdraft. Once a business customer is given a limit, they can draw down funds. And make repayments as often as they like, within their limits.

Greg Carter, CEO says:“This is an incredible milestone and one that we will continue to build upon. We are determined to plug the funding gap left by high-street banks unwilling to fund the UK’s growing SME population.  Today’s announcement shows we are making real strides towards that goal.

“When I talk to SME business, one of the greatest finance challenges they face is the rigidity of normal bank loans.  This is where GrowthLine comes in. It provides businesses with an opportunity to consolidate their existing loans while borrowing what they need to grow sustainably.”

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“It’s great to see that UK SMEs are looking ahead of Brexit and seeing the opportunities available to them. I’m very proud of our team and look forward to celebrating our next milestone.”

Starling partnership

Growth Street partnered with UK challenger lender Starling Bank last July.

It became the first SME finance provider to go active on Starling’s in-app marketplace. It also represents Growth Street’s first marketplace integration and is the first live use of its third-party API.

Growth Street raised a further £7.5m in an investment round led by the Merian Chrysalis in January.

Existing Growth Street investors also contributed including Growth Street chair Christiaen van Lanschot and Paolo Cuniberti, former CEO of Mediobanca.