FORMER Peer-to-Peer Finance Association (P2PFA) member Folk2Folk has ruled out joining the newly formed Innovate Finance 36H Group.
The rural peer-to-peer business lender was a member of the P2PFA, which has now disbanded with platforms instead forming a group within fintech trade body Innovate Finance.
Zopa, Funding Circle, RateSetter, Lending Works and CrowdProperty have all become founding members of the new 36H Group but Roy Warren (pictured), managing director of Folk2Folk, said the platform’s model is different so it has decided not to join.
Warren said there is a greater divergence between P2P lending platforms and Folk2Folk is different as it has a local lending ethos, rural niche focus and a customer base that values a high level of human interaction.
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“We thank the P2PFA for all they have achieved for the P2P sector,” Warren said.
“We enjoyed working with them, and our P2P peers, to ensure member platforms met the new regulatory standards issued by the Financial Conduct Authority last year.
“However, the industry is maturing and we see greater divergence between peer to peer platforms becoming apparent.
Folk2Folk has felt different for quite some time and as a result we have decided not to join the newly formed 36H Group.
“We wish our P2P colleagues and the 36H Group well for 2020.”
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