FinTech聽company TuTasa, the fast-growing Latin American Peer-to-peer (P2P) lending platform, has announced the launch of lending operations in Argentina.
This follows the London-headquartered聽company successfully聽completing聽its first 拢2m of lending in Uruguay聽within 12 months.
Peer-to-peer lending is the practice of matching lenders to borrowers through online services instead of going through financial institutions.
鈥淲e are delighted at our success in Uruguay,鈥� said TuTasa CEO Marcelo Barreneche.
鈥淭he relative immaturity of its lending landscape makes Uruguay an ideal base for growing the business.
鈥淥ur expansion into Argentina is the next step in achieving our goal of lending across all of Latin America.鈥�
The company provides consumer loans at lower rates than local financial institutions, which lend at an average 65 per cent APR,聽giving borrowers a cheaper solution.
With an average loan value of 拢750, and an average duration of 20 months, the company is securing lenders net annualised yields in excess of 17 per cent.
鈥淭he performance of our loans continues to strengthen,鈥� said Barreneche.
鈥淭he yields we can offer to lenders on our platform are up to five times the yields obtained from UK or US-focused聽P2P lending platforms.
鈥淩isks are聽managed聽through diversification of countries and currencies.鈥�
The company has made an application to the FCA to allow UK lenders to lend aboard.
鈥淭his will be a game-changer, as UK lenders are provided with one account to lend in multiple countries,鈥� Barreneche continued.
鈥淥ur application to the FCA reinforces our belief that in the post-Brexit environment, the UK’s FinTech experience will continue to be a critical ingredient in maximising opportunities in other countries.鈥�