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Peer2Peer Finance News | August 18, 2019

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FundingSecure gains FCA approval

FundingSecure gains FCA approval
Suzie Neuwirth

FUNDINGSECURE has gained full authorisation from the Financial Conduct Authority and is hoping to offer an Innovative Finance ISA within the next two months.

The peer-to-peer pawnbroking platform, which originates asset-backed loans, said in an email on Friday that it has submitted its application to HMRC for ISA manager status.

FundingSecure lends against a wide variety of assets, including jewellery, property, classic cars and fine art.

Read more: Predictions of IFISA surge may be overly optimistic

The company also announced that it will be moving on 10 April from Beaconsfield to Stokenchurch in Buckinghamshire.

“This move will allow us to increase our staffing levels so that we can continue to grow and better support our investors and borrowers,” the firm said.

FundingSecure was launched in 2012 and started trading in July 2013. Since its launch, it has issued loans in excess of £60m and currently has more than 2,000 active investors.

Read more: HNW Lending launches IFISA with va va vroom!          

It does not require its borrowers to pass any credit checks as the loans are secured against assets, the company said on its website.

The representative APR for borrowers is 35.4 per cent, while investors can earn up to 16 per cent interest per year, with a minimum investment of £25.

Read more: BondMason focusing on pensions over IFISAs