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Peer2Peer Finance News | August 20, 2019

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GLI’s turnaround project FundingKnight snaps up FCA approval

GLI’s turnaround project FundingKnight snaps up FCA approval
Anna Brunetti

GLI FINANCE-OWNED lending platform FundingKnight has clinched full authorisation from the Financial Conduct Authority (FCA).

The final stamp of approval comes just one year after the platform went into administration and was rescued by the Aim-listed investment firm.

The peer-to-peer business lending platform, which was founded in 2011, had been operating on interim permission since regulation of the sector was taken over by the FCA.

“In anticipation of this approval, FundingKnight has increased the number of sales people focusing on the UK market across its existing geographical footprint,” GLI Finance said on Friday.

“The [FCA authorisation] is an important milestone for the business and demonstrates its commitment to maintaining the expected standards of regulatory compliance designed to protect both funders and clients.”

GLI is also seeking to incorporate the platform under the Sancus BMS Group, to operate alongside invoice and working-capital finance specialist Sancus Finance.

“We are committed to providing funding to the underserved small and medium sized business population and their owners,” said Andrew Whelan, chief executive of GLI Finance.

“It is our intention to move FundingKnight into the Sancus BMS Group of companies operating alongside Sancus Finance, our specialist working capital finance provider. We will also change the name of FundingKnight to incorporate it into the wider group.”

GLI Finance is undergoing a broader overhaul, which was prompted last year by ongoing cumulative losses, and entailed selling off a number of assets and streamlining subsidiaries’ operations.