Folk2Folk joins the Peer-to-Peer Finance Association
FOLK2FOLK has become the latest platform to join the Peer-to-Peer Finance Association (P2PFA).
It takes the number of members in the trade body to nine.
The lender, which funds secured business loans online and through high street branches, joins Zopa, RateSetter, Funding Circle, LendingWorks, Landbay, LendInvest, MarketInvoice and ThinCats, who collectively lent almost £3bn during 2016.
Joining the P2PFA means that Folk2Folk has to comply with the trade body’s standards on transparency, which includes publishing loan book data on its website.
“We are very happy to have joined the P2PFA as we believe it plays an important role in setting and maintaining high operating standards for our industry,” said Jane Dumeresque, chief executive of Folk2Folk.
“Its role in providing a unified voice on the P2P industry is equally important as we evolve and grow. We believe that diversity of business models within the P2P sector is a benefit for both UK businesses and consumers.
“We look forward to working closely with the P2PFA and the other members in taking the P2P industry from being an alternative form of finance to the go-to form of finance for small and medium sized businesses and consumers.”
“I am delighted to welcome Folk2Folk as a member of the P2PFA,” said Christine Farnish, chair of the P2PFA.
“Their unique model underscores the essence of community lending. Their success demonstrates the utility available through matching business borrowers to investors looking to secure a good return using property or land as a security.
“They have made a big contribution to the evolution and development of peer-to-peer lending, and their perspective will complement the work of the P2PFA in standing up for high levels of business practice, transparency and consumer focus which are the bedrock of our Association.”
Read more: Folk2Folk wins full FCA authorisation
The P2PFA was founded in 2011 by Zopa, Funding Circle and RateSetter as a self-regulatory body for the industry. Its members make up more than three quarters of the P2P lending market.