Funding Circle US leaves Marketplace Lending Association
Funding Circle US is believed to have left the Marketplace Lending Association (MLA), a trade body that it helped to set up in 2016.
The peer-to-peer business lender, which founded the MLA in conjunction with peers Prosper and LendingClub, is no longer listed as a member on the organisation’s website.
Funding Circle spokespeople declined to comment directly on the departure but said that the company remains supportive of the MLA.
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It is understood that the MLA is heavily focused on the consumer lending space, whereas Funding Circle purely lends to businesses.
Funding Circle US joined the Innovative Lending Platform Association (ILPA) in the fourth quarter of 2020, which is purely open to business lenders.
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The platform is also a founding member of the Responsible Business Lending Coalition (RBLC) in the US and author of the Borrower Bill of Rights, which promotes six fundamental rights for small business owners seeking financing and provides guidance on how lenders can uphold those rights.
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These include the right to: transparent pricing and terms, non-abusive products, responsible underwriting, fair treatment from brokers, inclusive credit access and fair collection processes.
This month, the MLA and Online Lending Policy Institute merged to form the American Fintech Council. Prosper, LendingClub and Victory Park Capital are among the founding members.
The MLA has been contacted for comment.
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