Post by frankm on Sept 11, 2015 13:02:37 GMT
Dear P2P Independent Forum-ites.
It’s taken a lot longer than we intended, but we have for a while wanted to engage with the message boards here. I wanted to give you an update of where we are as a business, and tell you a little of our plans for the future.
Firstly, a little about our history: I set up Quidcycle in 2013. It was clear that the narrative of financial services was changing, and I wanted to create something that had ethical behaviour firmly at its centre.
Two years on, we have a team of 15 in our offices in Croydon, across technology, finance, risk and customer services. We believe we are creating something genuinely different – a lending business with strong financial principles, but one that seeks to help people in debt, not one that sees them as a simple opportunity for profit. My hope is that each of our borrowers will become a lender, having benefited from clearing their debts, and learned about sound financial principles through Quidcycle.
Getting to this point has been challenging, and we have learned a lot of lessons. Our loan book has remained small as we have refined our technology, and this has been undoubtedly frustrating for lenders. We were instinctively cautious – maybe overly so – in our very early days. I’m not sure Richard Branson would have qualified for a loan back then.
In June, we secured our future with a fresh injection of capital (£2m) that has given us the ability to enhance the business in a number of ways. We have focused on improving the experience and website (some of the improvements you can see, but there are plenty more to come in the coming weeks) and we are building out more channels for loans.
We have just gone live on some of the best quality price comparison services, which we believe will give us added scope, and we have exciting opportunities in the pipeline to grow our flow of the right type of borrower. We will share in the future more about how we source and check borrowers.
I hope that you will accept us into this forum as a contributor – we will endeavor to let you in on what we are doing and why, and we hope that some of you will take a look at our site and understand what we’re about, and perhaps even help us improve it.
If you have any questions, or would like to find out more, do please contact us at support@quidcycle.com
Frank
Founder, Quidcycle
It’s taken a lot longer than we intended, but we have for a while wanted to engage with the message boards here. I wanted to give you an update of where we are as a business, and tell you a little of our plans for the future.
Firstly, a little about our history: I set up Quidcycle in 2013. It was clear that the narrative of financial services was changing, and I wanted to create something that had ethical behaviour firmly at its centre.
Two years on, we have a team of 15 in our offices in Croydon, across technology, finance, risk and customer services. We believe we are creating something genuinely different – a lending business with strong financial principles, but one that seeks to help people in debt, not one that sees them as a simple opportunity for profit. My hope is that each of our borrowers will become a lender, having benefited from clearing their debts, and learned about sound financial principles through Quidcycle.
Getting to this point has been challenging, and we have learned a lot of lessons. Our loan book has remained small as we have refined our technology, and this has been undoubtedly frustrating for lenders. We were instinctively cautious – maybe overly so – in our very early days. I’m not sure Richard Branson would have qualified for a loan back then.
In June, we secured our future with a fresh injection of capital (£2m) that has given us the ability to enhance the business in a number of ways. We have focused on improving the experience and website (some of the improvements you can see, but there are plenty more to come in the coming weeks) and we are building out more channels for loans.
We have just gone live on some of the best quality price comparison services, which we believe will give us added scope, and we have exciting opportunities in the pipeline to grow our flow of the right type of borrower. We will share in the future more about how we source and check borrowers.
I hope that you will accept us into this forum as a contributor – we will endeavor to let you in on what we are doing and why, and we hope that some of you will take a look at our site and understand what we’re about, and perhaps even help us improve it.
If you have any questions, or would like to find out more, do please contact us at support@quidcycle.com
Frank
Founder, Quidcycle
