2019 – A Deloitteful Year for Growth Street

In December 2019, Growth Street came 17th on the Deloitte UK Fast 50. This prestigious award aims to celebrate growth driven by innovation and entrepreneurship. So, I thought I’d spend the next 500 words setting out just how great Growth Street is.

The Deloitte UK Fast 50 recognises the 50 fastest-growing technology companies in the UK. The ranking is based on revenue growth over the last four years. Growth Street sits as the eighth fintech on the list, having seen nearly 2,000 per cent growth over the last four years.

At Growth Street, we pride ourselves on being consistently ahead of the curve. This year, our long-standing commitment to responsible practices in peer-to-peer lending were reflected by the FCA. Their new regulations for the peer-to-peer lending sector published in December consisted of steps that we had mostly already taken.

We have applied this one step ahead mentality to our broader business strategy, and we are certain that our shift to a partnership model is another example. In 2019 alone, we have entered into partnerships with several other leading fintechs, including Xero cloud accounting, and ramped-up our participation with Open Banking. These partnerships are improving access, transparency and understanding around finance for SMEs.

That’s not to say that Open Banking has been a seamless, flawless initiative. In fact, over the course of 2019, we are proud to say that we have done our bit to hold Open Banking to account, publishing the actual downtime figures that we sourced from the developer zone. And that isn’t because we don’t love Open Banking – it is already transforming the entire financial ecosystem for SMEs, but it can do (and already is doing) better. But that’s our job as an SME lender: to hold the bigger players to account.

In 2019, we forged a strong partnership with the office of the Small Business Commissioner, leading to a collaborative whitepaper ‘Taking Notice of UK Business’. Built on our survey of UK SME leaders and their experiences of unfair payment practices, the paper lays bare the catastrophic impact that late payments can have on SMEs. Growth Street even appeared on Sky News, discussing this vital issue and showing a national audience how we are supporting UK SMEs.

2019 also saw us smashing through the £500m mark for matched investor funding in June, breaking the 2,500 investor mark, and, being awarded the Altfi P2P Platform of the Year award. This was a remarkable achievement for a peer-to-peer lender, and the whole team is immensely grateful to our investors, whose commitment to supporting SMEs across the UK made this possible.

We’ve had our share of successes, challenges and changes at Growth Street this year. With these achievements serving as a rock-solid foundation. With a bold, digitally focused strategy, 2020 is set to be a year where we build on this momentum and power on into the new decade. We will keep supporting SMEs. We will keep growing.

Written on in Featured