MORE than half (55 per cent) of small- and medium-sized enterprises (SMEs) in the UK are unable to access the funding they need to grow, a survey suggests. The main hindering factor is a lack of education or understanding of their funding options, according to the poll of 200 SMEs by small business finance provider […]
THE PLATFORM behind Ireland’s largest peer-to-peer loan to date has called for more support for property developments in the country, as research shows four times more houses need to be built in 2018 than in 2017 to match demand. A report by Initiative Ireland, called Housing 2031, forecasts that 480,000 new homes are needed across […]
PEER-TO-PEER business lending and other forms of alternative business finance saw significant growth last year, but an aversion to external finance continues to hold back many small firms, according to the latest research from the British Business Bank (BBB). The 2018 Small Business Finance Markets report, released on Tuesday, found that P2P business lending rose […]
FUNDING Circle is looking to expand its presence in the mobile apps space. The business lender, which currently only has an iPhone app for investors to access, monitor and manage their accounts, is now advertising for a global mobile apps product manager and for an Android developer. Both positions are based in the UK. The […]
ONLINE lending platforms may partner with banks to fund and market credit products in the future, even sharing the approval process and compliance, in one scenario outlined by global banking regulators. The Basel Committee on Banking Supervision (BCBS) looked at how fintech firms could disrupt the incumbent banks in a variety of areas including lending. […]
UK HOUSEHOLDS experienced the sharpest fall in financial health for seven months in February due to rising living costs and low wage growth, according to the latest IHS Markit Household Finance Index. The index, released on Monday, dropped to 42.2 from 42.9 in January, the lowest figure since July 2017. Inflation remained at three per […]
LENDING Works has partnered with credit reference start-up Credit Kudos to provide its Open Banking infrastructure. The peer-to-peer consumer lender said on Monday that its borrowers will use Credit Kudos to automate the process of applying for credit by removing the need to manually fill out forms and upload documents. Credit Kudos will have access […]
THE NUMBER of conversions of farm buildings into new homes fell by 20 per cent in 2016/17, according to peer-to-peer property lending platform Lendy. Just 1,511 agricultural-to-residential conversion applications were approved, down from 1,890 in the previous year, weakening hopes that these conversions could help solve the rural housing crisis. Figures show 38 per cent […]
FUNDING Circle is reportedly poised to hire Morgan Stanley to lead a flotation on the London Stock Exchange in the second half of this year. The largest P2P platform by loan book size in the UK is expected to hire the US bank in the coming weeks, according to Sky News. Sky News cited City […]
ARCHOVER is planning to launch its Innovative Finance ISA (IFISA) in the next few weeks. The peer-to-peer business lending platform, which gained authorisation from the Financial Conduct Authority (FCA) last year, has emailed existing investors informing them of the news. The email also included a link to a survey asking them if they were interested […]
THE MARKET for initial coin offerings (ICO) incorporating peer-to-peer lending has remained vibrant despite wider volatility among cryptocurrencies. Digital currencies such as Bitcoin and Ethereum suffered from price falls in January but many firms are still seeing the benefits of creating their own cryptocurrency to use for P2P lending. One provider, SOFIN, is currently looking […]
VPC Specialty Lending Investments has reported a total net asset value (NAV) return of 3.07 per cent for 2017 – below its target return levels. The alternative finance-focused investment trust, which is managed by Victory Park Capital, said the underperformance was partly driven by one-time losses from portfolio sales. The company has been shifting its […]
ZOPA is recruiting staff to develop its new credit card, which it plans to launch later this year as a feature of its digital bank. The peer-to-peer consumer lender, which first announced plans to launch a bank in November 2016, is currently advertising for a product manager and senior software developer to work on the […]
THE UK government should create a “national investment bank” to increase lending to small- and medium-sized enterprises (SMEs), a think tank has suggested. Justin Protts, chief economist at Civitas, argued that the UK’s low productivity has been fuelled by the decline in bank loans to businesses as a proportion of domestic lending, from 31 per […]
CROWDPROPERTY is launching its Innovative Finance ISA (IFISA) on Friday 23 February, offering target returns of eight per cent. The peer-to-peer property lender said that the tax wrapper will be open to existing lenders, who can also transfer existing ISA funds into the platform’s IFISA. The company did not confirm when new investors will be […]