As a direct consequence of the strong growth that TrustBuddy is enjoying throughout its active markets, the company announces the completion of a major internally run IT project, involving a great financial effort and a large number of man-hours. The brand new IT-system is a proprietary technical P2P-platform that will handle all customer transactions on a worldwide basis and secure the continuing increase in customer numbers and transaction volumes.
The development of the new platform has been conducted throughout 2013 and the completed version is currently undergoing testing and will be released to the market shortly. The new platform improves the customer experience, control and accessibility for both lenders and borrowers. As a most important feature it also increases efficiency in relation to forthcoming increase in transaction volumes, security, control and the ability to add new products. Additionally, it increases efficiency by automating a majority part of the transactions as well as substantially increasing security and control. The new effective and user-friendly system enables more than double the number of transactions per employee.
The existing P2P-platform, used since 2010, has been upgraded frequently and is an effective system at today’s volumes. The new platform will meet the expected rapid growth rate and the large increase in volumes as previously communicated in January. By planning ahead and developing this new platform, TrustBuddy is ready to meet the market demand today and tomorrow and stay ahead of any foreseen technological limitations.
The expected lifespan of the platform is estimated to 4-5 years minimum, and it is specified to handle a transaction volume of more than 200,000 approved loans per month through an unlimited number of markets. With the new system platform, TrustBuddy expects to remain the leading P2P Lending platform in the small-size loans segment for a foreseeable future.
The development costs of the new platform have been covered by the company through increased running costs, and have had a negative effect on the financial figures for 2013. This will be recovered rapidly both through overall value and through increased financial performance.
Trustbuddy seems well positioned to benefit from the rapid growth within P2P lending. This seems to become one of the hot stories for 2014.