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Peer2Peer Finance News | August 21, 2019

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Sancus to start accepting euros and dollars to fund loans

Sancus to start accepting euros and dollars to fund loans
Kathryn Gaw

SANCUS will start accepting euro-denominated loans within the next few months, to help it expand its investor base.

The alternative business finance provider is also planning to establish a new base in the Cayman Islands by the end of 2019, a move which would allow it to accept dollar-denominated investments as well.

Sancus already has a presence in six jurisdictions: the UK, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man.

“We are able to offer the same thing we offer on the sterling platform, but with euro denomination,” Sancus’ chief executive Andrew Whelan told Peer2Peer Finance News.

“And if you are holding euros and you’re getting a negative yield and you want to get a better rate of return, then there is an opportunity for you to deploy your euros in an asset-backed loan.”

Read more: Sancus launches enhanced protection on supply chain finance

Whelan confirmed that the move is aimed at opening up the platform to more investors.

“We have many users who have euros, and they want to be able to use those monies to get a better rate of return,” he added.

Sancus’ Aim-listed owner GLI Finance went through a major restructure last year, which included the creation of the Sancus BMS division to manage its two peer-to-peer lending platforms, Sancus Finance and Sancus Funding. The two platforms were later merged into a single Sancus UK brand.

Sancus recently passed the £1bn funding mark, which includes £575m in secured property-backed transactions.

“Our core business is in the asset-backed property lending market,” Whelan said. “That’s where we expect the growth to continue. And hopefully that growth is going to continue.”

Read more: Sancus fuels increase in GLI Finance operating profits