YouLend has now hit 150,000 SME fundings since its inception. It estimates that YouLend-backed SMEs have contributed £6.8bn in revenue to the GDP across its core markets. And says they have experienced a 26% uplift in sales in the six months following funding.
The funding milestone follows YouLend’s expansion into the US and major European markets, including Germany, Netherlands, Poland, and Spain. In addition to expansion, YouLend has also seen sustained growth in the UK and Ireland. This makes YouLend one of the largest embedded finance platforms globally. Growth has accelerated from newly secured partnerships with leading ecommerce and payments platforms including Amazon, Just Eat Takeaway.com, and Dojo.
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Lending to female-led businesses: twice the UK average
According to a YouLend report, it attracted 12% more applications from female-led businesses. It says it is more than twice as likely to finance female-led businesses than the UK average. The firm says that it makes fast, accurate lending decisions thanks to its sophisticated, AI-driven decision-making model. This leverages a broad range of financial data to paint an accurate picture of a business’s health. This enables a 90% approval rate for YouLend applicants, well above the 64% average in the UK SME lending market.
The unbiased model also enables YouLend to grant financing to SMEs who have been underserved by traditional finance providers. As a result, over half (58%) of YouLend’s total 150,000 instances of funding went towards two of the most deprived regions in the UK, serving low-income business owners.
Jakob Pethick, Chief Commercial Officer, YouLend, said: “This milestone underscores YouLend’s growth across the US, UK, and the rest of Europe as we continue to invest in our platform.
At the heart of our mission is a commitment to supporting businesses with finance wherever and whenever they need it. This is why we will continue to work with our strategic partners to empower businesses with fast, flexible, and fair financial products to grow and thrive.”
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