Peer-to-Peer lending platform Funding Circle has announced that retail investors will no longer have access to a downloadable loanbook. Instead – in a switch to quarterly reporting – data on loans will be made available through a new statistics page, which will be updated every three months.
Signalling the change via its corporate blog, Funding Circle said the loanbook facility was being withdrawn because it was not widely used. Noting that the loanbook had been downloaded by just 0.3% of retail investors over the previous month, the company said the service had been popular initially but had latterly become less relevant.
“While the loanbook was a useful resource for early-investors lending through Funding Circle, as the platform has grown and become popular with a broader group of investors, the number of people downloading it has fallen significantly,” wrote communications manager Jack Pritchard.
New Statistics Page
In place of the loanbook, the company promised a “new and improved” statistics page, designed to offer “a clearer and more accessible view” of how loans are performing. The information on the new page will include: details of how much investors have lent to businesses; the performance of the loans in terms of returns; and the type of businesses that are being funded. Investors will see projected annual returns as a range.
However, Funding Circle stressed that investors will still be be able to access on-demand information on businesses that they personally have lent to. This data will be available through personal investor accounts.
In tandem with the move to quarterly accounting, Funding Circle announced a partnership with AltFi Data. Under the terms of the agreement, Altfi Data will provide independent verification of the figures supplied to the platform’s investors.