Credit, Collections & Insolvency News
The Peer-to-Peer Finance Association (P2PFA) has published lending volume figures for its nine-member platforms for the first three months of 2017. The associations says ” the figures underscore the continued development of the sector with the maintenance of impressive expansion in lending volumes and investor participation.” With cumulative levels of lending at almost £8.5 billion,…
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Redwood Bank, a new UK SME Business bank, has secured a banking licence following approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Redwood will now enter its mobilisation phase and expects to launch to customers later in 2017. Redwood Bank is wholly owned by Redwood Financial Partners Ltd (RFP), a company…
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MarketInvoice, the peer-to-peer online invoice finance marketplace, observed its best quarter and record month (March) of invoice finance funding since starting in 2011. Invoices worth £54.7m were funded from UK businesses last month, providing them with critical working capital.Q1 2017 has proved to be a record period for MarketInvoice as it scales towards its goal…
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Three new alternative lenders have joined the recently launched Association of Alternative Business Finance (AABF) – Invoice Cycle, Merchant Money and Reward Finance Group. The AABF was launched on 1 February this year with the major ambition of championing and promoting the best standards of industry practice. The seven founding members, Capify UK, Catalyst Finance, Credit4,…
Read moreOnline invoice peer-to-peer specialist MarketInvoice has announced the appointment of Shaun Alexander as Head of Risk. Alexander is a highly regarded senior management level professional with over 30 years’ experience in retail and corporate banking, namely at Barclays and Santander, where he led teams focussing on asset-based lending and business finance. Alexander began his career at Barclays in…
Read morePeer-to-Peer real estate lender Relendex has confirmed full authorisation from the Financial Conduct Authority (FCA). Law firm Howard Kennedy has advised Relendex on the process. The Howard Kennedy team was led by Daniel Tunkel, Partner and Head of Regulation, supported by Financial Regulation Associate David Gilinsky. Daniel Galinksy said: “Peer-to-peer lenders have generally struggled to secure full…
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LendInvest and Pepper UK, have agreed to form what is believed to be the industry’s first partnership between a UK online property finance marketplace and an outsourced loan servicing business. Under the terms of the partnership, Pepper UK will take responsibility for servicing all new loans originated by the LendInvest team. The LendInvest team will…
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A collaborative working agreement between the National Association of Commercial Finance Brokers (NACFB), Towergate Insurance and Funding Circle, means that NACFB members can now arrange an unrestricted number of commercial loans with peer-to-peer lenders without jeopardising their insurance cover. Under the terms of the trade body’s membership, NACFB brokers must have professional indemnity insurance which…
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John Davies, The Just Loans Group PLC and Chairman of the Association of Alternative Business Finance provides background to the launch of the Association of Alternative Business Finance. Why was the AABF set up? Before last year’s AltFi.com annual European Summit a group of alternative lenders and industry commentators had a working dinner to test the enthusiasm for…
Read moreNatWest is set to launch a new digital platform to allow small and medium sized businesses to quickly obtain unsecured loans of up to £150,000. Esme Loans gives customers a fast decision on their lending application which, if successful, will result in rapid funding, potentially within an hour. Customers will also benefit from no early…
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RateSetter has collected back in £1billon in capital repayments from borrowers since the platform wrote its first loan in 2010. n total, RateSetter investors have lent almost £1.75 billion to individuals and businesses across the UK, including £668 million in 2016 alone. Alongside the £1 billion capital that has been repaid, RateSetter investors have earned £63m…
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Small and medium-sized enterprises (SMEs) are missing out on an opportunity to fund their business more effectively because they lack information about the benefits of asset based lending, a new study from Close Brothers reveals. Its research suggests many SMEs are sticking with inflexible and often unobtainable forms of credit because they aren’t aware of…
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The Association of Alternative Business Finance (AABF) has launched with the major ambition of championing and promoting the best standards of industry practice. The seven founding members, Capify UK, Catalyst Finance, Credit4, Fleximize, Liberis, The Just Loans Group and YesGrowth have clearly defined four operating principles that members will be required to adhere to: Transparency…
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