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Property lender Somo has celebrated its 10-year anniversary by saying that its traders have earned £29m in curiosity with no capital losses thus far.
Since inception, Somo has loaned £333m to debtors, whereas traders have earned as much as 13 per cent in returns over the previous 12 months.
90 per cent of latest portfolio investments come from current traders, in keeping with a latest Somo survey. These repeat traders informed the platform that they had been drawn to the excessive yields, the chance to put money into a mixture of fintech and people-based companies, the platform’s skilled restoration crew, and the backing of respected trade our bodies.
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“We had huge ambitions 10 years in the past however might by no means have envisaged how profitable the agency can be,” stated Louis Alexander (pictured), chief govt at Somo.
“There’s a lot to be proud about together with our famend risk-reward steadiness, excessive returns, zero capital losses and relationships with traders primarily based on belief and transparency.
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“Behind me is a passionate and tenacious crew working exhausting to make sure our loyal traders proceed to take pleasure in all of this and extra as we evolve over the following decade.
“One factor that gained’t change although is our ‘gradual and regular wins the race’ technique, which ensures the longevity of our agency and the arrogance of our traders.”
Somo posted a pre-tax revenue of £6.2m for the 12 months ending 31 March 2023, up from £5.6m the earlier 12 months, in keeping with paperwork filed with Corporations Home earlier this 12 months.
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