FutureBricks has repaid all of its retail lenders to give them an early exit from its live loans ahead of leaving the peer-to-peer lending space.
The platform said that capital invested and all interest due to the date of repayment have now been repaid to the retail lenders’ FutureBricks e-wallet. All loans have moved onto its corporate lending arm.
Peer2Peer Finance News understands the process was quick because the platform only had three live loans.
Read more: P2P property: Rolling with the punches
“We are delighted to have successfully transitioned all live loans to our corporate lending arm, allowing us to focus on the business-to-business (B2B) lending side by furthering the growth of our corporate lenders’ base and by onboarding institutional lenders,” FutureBricks said in an email update to investors.
Last month, FutureBricks announced it had decided to leave the retail P2P space because of the regulatory burden impacting the “potential commercial viability of P2P”.
It will prioritise growing the B2B lending side by onboarding more institutional lenders and then plans to build a one stop platform for financing and expertise aimed at small- and medium-sized enterprises (SMEs).
Further down the line, the platform will review to launch an unregulated debt-based retail lending arm for sophisticated investors and high-net-worth investors.
“It’s more of a combination of everything coming together to impact the potential commercial viability of P2P,” a FutureBricks spokesperson said.
“We’re focussing on the institutional lending and the credit investor we’ve signed with and building our corporate funding lines.
“We’re focussing on strengthening corporate lines with institutional funding and building a one stop shop platform with existing in-house tech and expertise, so people could come to the platform for financing and expertise and for a talent marketplace to match people for a project, such as planners, architects and contractors.
“A one stop platform to meet all the needs of SME housebuilders with everything under one roof.”