Is Lendable profitable in 2026?

Lendable reported 2025 revenue of £446m, up 90% year-on-year, with post-tax profit of £11m, up 120% YoY. Wikipedia's infobox lists 2025 operating income at £114m. The company has been profitable since at least 2019, when it posted £14.9m profit.

Lendable is privately held, backed by Goldman Sachs, Balderton Capital, Passion Capital, Waterfall Asset Management, and Ontario Teachers' Pension Plan. Its last confirmed equity round was £210m in March 2022, valuing it at roughly £3.5bn, and no primary raise has followed since.

Could AI replace Lendable?

Not easily. Lendable already runs AI-driven underwriting itself, but its edge rests on a decade of proprietary loan-performance data from over £10bn originated, UK regulatory lending licenses, and institutional funder relationships, none of which a generic foundation model can replicate on its own as of 2026.

Who is Lendable's biggest competitor?

Zopa is the closest UK peer, having pivoted from peer-to-peer lending to a full digital bank to compete. High-street banks like Lloyds, which posted £5.47bn pre-tax profit in 2025, are much larger but slower to adopt automated underwriting.

What is Lendable's valuation in 2026?

Lendable's last confirmed valuation is roughly £3.5bn (about $4.5-4.59bn) from a March 2022 growth round led by Ontario Teachers' Pension Plan. As of May 2026 the company declined to comment on any updated valuation, with no primary raise since.

Did Lendable do an IPO?

No. As of July 2026, Lendable remains privately held with no confirmed IPO. Some vendor commentary speculates about a possible 2026 listing, but this is unconfirmed and Lendable has not commented on any public listing plans.

United Kingdom · United Kingdom

Lendable

UK online lender making personal loans and credit cards, powered by proprietary underwriting data.

Protection under test

Assessed 29 July 2026 · Evidence as of 29 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 29 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Market reception to Lendable's follow-on ABS issuance after the July 2026 £500m deal

The call

Lendable's risk sits less with rivals copying its model and more with what happens to thin lending margins if credit conditions turn.

Lendable lends money to UK consumers and has become the #1 issuer of personal loans by volume, making real profit on £446 million in revenue. It is hard to copy right now because it has ten years of data about which loans perform well, regulatory licenses to operate, and relationships with banks and investors who fund the loans, but UK banks like Lloyds and Barclays could enter this business if they decided to move faster, and Zopa already started doing exactly that. The one thing that could change everything is a recession: Lendable only makes 2 to 3 cents profit on every pound it lends, so if borrowers default more or banks stop funding loans as easily, the entire business could become unprofitable very quickly.

Why

AI pressure: None apparent. AI is Lendable's own underwriting engine, trained on a decade of loan data no outside model can access. Could AI do the core job? Only partly.

Bigger players: Lloyds, Barclays, HSBC. High-street banks move slowly but could build automated underwriting that competes for the same borrowers. Could a giant copy it? Probably.

What protects it. A decade of proprietary loan-performance data, UK lending licenses, and institutional funding relationships that new entrants lack.

What would change this call

A UK high-street bank (Lloyds, Barclays, HSBC) launches a comparable instant-decision personal loan product. Would show incumbents closing the automated-underwriting gap and pressuring Lendable's share.
UK loan default rates or loan-loss provisions rise sharply in Lendable's next annual filing. Would show thin 2-3% margins compressing under credit-cycle stress.
Reception of Lendable's ABS issuances (following the July 2026 £500m deal) in terms of pricing/spreads. Would show whether funding markets are tightening around Lendable's origination economics.

Key numbers

2025 revenue £446m, up 90% year on year (2025)
2025 post-tax profit £11m, up 120% year on year (2025)
July 2026 ABS deal raised £500m (2026-07)

Named risks

Thin 2-3% net margins mean a recession or rate shock could compress economics quickly. Severity: high
Cross-border default and localization risk from new US and Mexico expansion. Severity: medium
Rising regulatory scrutiny of AI-underwriting bias and explainability in UK and US. Severity: medium
No primary equity raise since March 2022, leaving valuation stagnant amid rapid revenue growth. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Zopa	gaining on	Pivoted from P2P lender to full digital bank to compete with Lendable, per 2021-2026 sourcing
Lloyds Banking Group	contesting	Reported £5.47bn 2025 pre-tax profit, far larger book but slower automated underwriting adoption
Klarna	contesting	Sued by Pagaya in 2026 over alleged theft of AI underwriting model, sector-wide IP risk

Questions people ask

Is Lendable profitable in 2026?: Lendable reported 2025 revenue of £446m, up 90% year-on-year, with post-tax profit of £11m, up 120% YoY. Wikipedia's infobox lists 2025 operating income at £114m. The company has been profitable since at least 2019, when it posted £14.9m profit.
Who owns Lendable?: Lendable is privately held, backed by Goldman Sachs, Balderton Capital, Passion Capital, Waterfall Asset Management, and Ontario Teachers' Pension Plan. Its last confirmed equity round was £210m in March 2022, valuing it at roughly £3.5bn, and no primary raise has followed since.
Could AI replace Lendable?: Not easily. Lendable already runs AI-driven underwriting itself, but its edge rests on a decade of proprietary loan-performance data from over £10bn originated, UK regulatory lending licenses, and institutional funder relationships, none of which a generic foundation model can replicate on its own as of 2026.
Who is Lendable's biggest competitor?: Zopa is the closest UK peer, having pivoted from peer-to-peer lending to a full digital bank to compete. High-street banks like Lloyds, which posted £5.47bn pre-tax profit in 2025, are much larger but slower to adopt automated underwriting.
What is Lendable's valuation in 2026?: Lendable's last confirmed valuation is roughly £3.5bn (about $4.5-4.59bn) from a March 2022 growth round led by Ontario Teachers' Pension Plan. As of May 2026 the company declined to comment on any updated valuation, with no primary raise since.
Did Lendable do an IPO?: No. As of July 2026, Lendable remains privately held with no confirmed IPO. Some vendor commentary speculates about a possible 2026 listing, but this is unconfirmed and Lendable has not commented on any public listing plans.

Timeline

2026-07Completes first public ABS deal, £500m Hoxton Consumer Loan Funding 2026-1
2026-05Announces accelerated US expansion and new Mexico launch
2025-12Headcount reaches approximately 643 employees globally
2025-10Launches Zable Mobile phone plan with partner Gigs
2025Reports £446m revenue, up 90% YoY, and £11m post-tax profit
2022-03Raises £210m growth round led by Ontario Teachers, valued at ~£3.5bn
2021Becomes a unicorn after a secondary share sale exceeding £1bn valuation
2019-07Secures ~$249m Goldman Sachs platform funding commitment
2017-03Raises £100m from Waterfall Asset Management
2014Founded in London by Kissinger, van Lennep, Pamment and Schwarz with £2.5m seed

Revision history

29 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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