The UK Financial Conduct Authority (FCA) has granted Peer Funding Limited full permission to operate an electronic peer-to-peer business lending platform.
Unlike many existing platforms, Peer Funding Limited has not been trading under interim permission and has been granted this authorisation after completing a full application process.
The authorisation allows Peer Funding to launch a new platform in the UK peer-to-peer business debt funding sector in the autumn of 2016 which will offer choice to both investor and borrower with a range of products on a single platform.
It will include business loans (6-60 months); secured business loans (12-60 months); selective invoice finance (30-120 days); selective debt finance (30-120 days); property bridging loans (3-12 months); and property development loans (3-18 months).
Peer Funding Limited is backed by a management team with over 100 years’ experience in UK financial services, predominantly in the business and alternative finance sectors.
Risk and compliance director Roger Smith says: “Gaining full authorisation from the FCA to operate a P2P platform is a significant milestone and achievement for Peer Funding Limited. It has taken considerable effort to get to this stage. Unlike many of the existing players in this market who are trading under interim permission, the service offering from Peer Funding Limited has been built from the outset with regulation in mind giving the company a solid base from which to operate and setting up a well-defined framework from which to grow.
“Peer Funding welcomes regulation and the integrity to it brings to our market. We look forward to bringing our wide ranging products and compelling service to both business borrowers and investors alike.”
