AxiaFunder becomes directly authorised by FCA

Litigation lender AxiaFunder has become directly authorised by the Financial Conduct Authority (FCA) after a 12-month process.

Authorisation was granted yesterday (10 January 2023) and means that AxiaFunder will no longer act as an appointed representative of principal ShareIn.

The litigation funder has been an appointed representative of ShareIn since 2018, and said that the principal has “been instrumental in helping to establish the firm’s compliance processes.”

“Going forward ShareIn will continue to support AxiaFunder with client money compliance, onboarding new investors and technology,” AxiaFunder said in a statement to investors.

Cormac Leech (pictured), chief executive of AxiaFunder, said that direct authorisation will simplify the platform’s operating model.

Read more: AxiaFunder chief calls for “self-policing” of alternative finance

“Direct authorisation reduces operational risk, increases flexibility, and should facilitate further growth in 2023,” Leech told Peer2Peer Finance News.

Last month, AxiaFunder was named Innovative Lender of the Year at the Peer2Peer Finance Awards.

Following the win, Leech said that in the short term the firm was focused on building more relationships with brokers and law firms who can deliver homogeneous pools of small cases that are relatively easy to process.

“This should enable £1m of funding per month by the end of 2023, which would provide significant free cashflow to reinvest into developing the platform,” he said.

Read more: Assetz co-founder to launch new SME lending platform