On Wednesday, Peer Funding Limited announced the Financial Conduct Authority (FCA) has granted it full permission to operate its peer-to-peer business platform under Part 4a of the Financial Service Marketing Act. The website stated it joins only a handful of fully authorized peer-to-peer business platforms and has not been trading under interim. It was granted this authorization after completing a full application process.
Peer Funding Limited also announced it would offer investors and borrowers various products on its platform, which includes 6-60 month business loans, 12-60 month secured business loans, 30-120 day selective invoice infancy, 3-12 month property bridging loans, and 3-18 month property development loans.
Risk and compliance director of Peer Funding Limited, Roger Smith, stated:
“Gaining full authorisation from the FCA to operate a p2b 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.”
Peer Funding Limited’s management team has a combined 100 years of experience in UK financial services, focusing on business and alternative finance sectors. Peer Funding will launch its platform this fall.