Take a look at how Somo has evolved over the years.
Social Money is created with the aim of using technology to help people borrow and lend safely through secured bridging loans.
Social Money employs its first member of staff.
Social Money platform (BridgeCrowd) launches.
UK’s first platform dedicated solely to secured bridging property loans goes live.
Social Money takes on first investor through the platform.
Team expands with strategic hires with Head of Sales and Head of Underwriting.
First £10,000,000 lent.
First UK bridging company to use Open Bank technology to combat ID fraud.
50th bridging loan.
Team expands to 15+ people.
New HQ with larger premises.
First £50,000,000 lent.
200th secured Bridging Loan.
Largest loan approved to date - £1,500,000.
500 investors reached.
First network onboard.
Largest 2nd charge loan of £2,000,000.
First £80,000,000 lent.
40th employee hired & new HQ moved into.
Social Money connects with institutional funding lines.
Over £120,000,000 lent and 100% recovery rate to date.
Began our brand transition from the BridgeCrowd to Somo.
We continue to lend throughout the pandemic lockdowns and restrictions
Relaunched our brand with a new look and a brand new name, Somo.
Created our Investor and Broker Family with members benefiting from enhanced rates and service
Grew our a repeat business rate to 45%
Appointed Head of Marketing and Creative Director and grew the Marketing team by a further three
Recorded Completion rates at 21% above the sector average
Completed our most successful year since inception, lending more and completing on more loans in a year than we have before
Hit record for the most ‘lock-ins’ and most amount (£) lent in a month.
Jade Keval appointed Sales Director.
Reached a milestone in our loan book, lending over £250m to date.
Somo’s completion rate 22% above industry average.
Completed our third office move in 2 years to support increasing staff numbers.
Team numbers grow to over 50 across the group with the help of our in-house Talent Acquisition Manager
Black Friday promotion returns to achieve the record for most amount of lock-ins in a month
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One of our Relationship Directors will be in touch shortly with an introduction to Somo’s products, rates and criteria.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be very complex and high risk.
What are the key risks?
1. You could lose all the money you invest
2. You are unlikely to be protected if something goes wrong
3. You are unlikely to get your money back quickly
4. This is a complex investment
5. Don’t put all your eggs in one basket
If you are interested in learning more about how to protect yourself, visit the FCA’s website here.
For further information about minibonds, visit the FCA’s website here.