Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_666505150
June 28 2017

Hargreaves Lansdown drops P2P plans

Marc Shoffman Industry News, News Chris Hill, Danny Cox, Hargreaves Lansdown, p2p

HARGREAVES Lansdown has ditched plans to launch a peer-to-peer platform.

The DIY investing giant had been planning a P2P proposition to launch this year but confirmed this morning that it had gone on the “back burner” and was now no longer a focus.

Discussing the platform last September, spokesman Danny Cox said it would offer marketplace loans to both businesses and individuals, targeting the firm’s existing client base for investment.

It was being worked on alongside a cash management service, which the firm is now prioritising.

Read more: Hargreaves Lansdown to hire P2P marketing manager

“The savings proposition is unique; we are pioneering a completely fresh way of helping people make more of their cash,” Chris Hill, chief executive of Hargreaves Lansdown, said.

“Building this to the standard our clients deserve is quite rightly taking considerable time and resources.

“The savings proposition is a much bigger market with far more potential – the savings market alone is around £700bn, which compares to the current loans in the P2P market being around £3.5bn.

“Our focus has been on savings and this has meant that P2P has pretty much been on the back burner for some time now, to the extent that I now no longer see this as being part of our wider offering.”

Hill said P2P remained an interesting market for “selected investors” but was no longer part of their plans.

The platform had hired a marketing manager for both propositions, but the role will now focus on the savings side.

Read more: P2P platforms develop their own SIPPs

MarketInvoice, Funding Circle, Zopa, LendInvest make Fintech 250 British Business Bank pledges extra £20m to fund tech start-ups

Related Posts

Dog at school

Industry News, News, Top 3

Five key takeaways from the fintech review

Closed sign

Industry News, News, Property, Top 3

The House Crowd goes into administration

investing

Industry News, News, Top 3

Government urged to modify EIS to promote lending

Popular posts:

  • The House Crowd goes into administration
  • RateSetter to stop investment withdrawals from 26 March
  • UK Finance calls for global fintech cooperation
  • Metro Bank plans to offer RateSetter lending through…
  • Octopus Choice has permanently closed
  • RateSetter confident of growing Metro Bank’s…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by