Short term lender Kuflink reported an annual profit of £1.89m, over double the previous year of £729,122.

Kuflink’s chief executive officer Narinder Khattoare  said that against a background of continuing national economic uncertainty, Kuflink had demonstrated its desire to constantly improve.

“During the latter part of 2023, we increased our ability to fund more loans via a £35m structured funding facility from Paragon Bank. This new funding line provides strategic access to institutional capital, scalable growth, new funding options and a significant alternative source of debt finance to the business, complementing our successful P2P platform”.

Khattoare also highlighted efforts to streamline the application process by the adoption of new technology.