That’s according to a report Sunday (May 10) from the Financial Times (FT), which noted that Lendable doubled profits last year by providing more new personal loans than any other bank in the U.K.
The company, which automates credit checks using artificial intelligence, saw its profits jump 120% last year to $155 million, with revenues up 90% to $608 million.
During 2025, Lendable issued more new consumer credit loans by volume than any other British lender – including trillion-dollar banking giants – and the second-largest number of new credit cards, the FT added, citing data from Experian.
“There are millions of people who use credit and most of that is done by big banks, and they do not do as good of a job as can be done,” Martin Kissinger, co-founder of Lendable, told FT.
“So we set out to build a tech company that would do it better.”
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Kissinger said the company’s machine-learning technology draws on a large pool of data, which lets it gauge risk differently to traditional lenders and thus offer more competitive terms to a larger group of customers.
“We can provide loans to people who are actually low risk, even if that is not to other [banks and providers].” Lendable provides most of its loans to prime customers along with those in the “near prime” category, who are often turned down by traditional banks.
Kissinger told FT he was once part of this demographic. While in his twenties, he moved frequently and hadn’t established a solid history of utility bill payments.
The report added that Lendable will use its profits to rapidly bolster its small U.S. operation, which was first established in 2021, while also launching in Mexico.
Lendable’s U.S. expansion comes as Americans are depending more heavily on credit cards for everyday expenses.
New Federal Reserve data showed consumer credit increased at a seasonally adjusted annual rate of 5.8% in March, up sharply from February’s 2.1% pace. For the first quarter, consumer credit grew at an annualized rate of 3.2%, with revolving credit, which includes credit cards, serving as the chief driver of the increase.
“The broader picture suggests consumers have not retreated from spending, but the composition of that spending may be changing,” PYMNTS wrote, citing data showing that many households use credit not for major aspirational purchases, but to cover routine financial management and essential spending.
