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Choice triumphs at 2018 AltFi awards

Posted on 26/01/2018, by Joe Jones

In just one year, Octopus Choice — Labs’ peer-to-peer lending platform — has lept from AltFi’s People’s Choice nomination up to winning this year’s awards for Most Innovative Product and Property Finance Platform Of The Year. Sam Handfield-Jones, Director of Labs, attributed this rapid rise to success to three key factors... 



“Since this time last year, we’ve managed to increase our assets under management and loans funded by over 300%. We’ve also become the most adopted P2P platform by financial advisers in the UK. And, from a technology perspective, we've developed and improved a huge amount.

On top of that, in the last three months we’ve opened up for ISA transfers. And we’re just days away from launching our app to both the App Store and Google Play.”

AltFi is an alternative finance news site that provides valuable coverage on the P2P lending space. Now in its fourth year, the AltFi Awards recognises the contributions of both established and up-and-coming platforms.

Discussing the significance of AltFi, Sam explained, “AltFi’s main purpose is to use data and analytics to help individual investors or institutions make informed comparisons between P2P platforms.” This kind of radical transparency plays an important role in achieving broader customer adoption, Sam stated, and it’s one of the hallmarks of fintech. “The level of transparency you see among fintech platforms is very high; most banks don’t even compare.”

“Awards are great, and obviously a sign we’re heading in the right direction,” said Sam Bravery, Operations Manager at Labs, “but we’re always looking to improve.” Accordingly, the team is already working hard to heighten transparency even further.

Looking forward to the year ahead, Sam Bravery noted, “We have some very optimistic targets for both AUM and customer growth.” These will help to further validate the product, he said, and create opportunities to try new and exciting things.

Sam Handfield-Jones shares these high expectations, with an eye towards “doubling and tripling in size from the £110m we look after today.” A big factor, Sam said, will be the ability for investors to transfer their existing ISAs into Choice. “I’m very excited about that. Investors having the opportunity to get their money working harder within the ISA wrapper is very compelling. We want to be at the forefront of the industry’s push to bring the innovative finance ISA into the mainstream.”