The Peer-to-Peer Finance Association (P2PFA), recognised as a beacon for good standards of business conduct in the alternative finance sector, has welcomed Folk2Folk into its membership, increasing the number of member platforms to nine.
Online lending platforms facilitating peer-to-peer finance who have a demonstrable commitment to transparency and good business practice are able to join the P2PFA, whose membership comprises around three-quarters of this thriving, vibrant and exciting new market in the United Kingdom. The P2PFA, whose members operate a diverse range of business models within this nascent sector, collectively lent almost £3 billion during 2016.
Folk2Folk is an alternative finance provider, based in the south-west, which operates a distinctive model offering simple and straightforward secured business loans for UK businesses looking for interest only finance. Folk2Folk is one of the only peer-to-peer lending companies with high street branches and is expanding these across the UK with its next branch opening in Yorkshire later this month. The platform has lent more than £130 million since its launch in 2013, and is fully authorised by the FCA.
Welcoming Folk2Folk into the P2PFA, the Association’s Chair, Christine Farnish, said: ‘I am delighted to welcome Folk2Folk as a member of the Peer-to-Peer Finance Association. Their unique model underscores the essence of community lending. Their success demonstrates the utility available through matching business borrowers to investors looking to secure a good return using property or land as a security. They have made a big contribution to the evolution and development of peer-to-peer lending, and their perspective will complement the work of the P2PFA in standing up for high levels of business practice, transparency and consumer focus which are the bedrock of our Association’.
Folk2Folk Chief Executive, Jane Dumeresque, added: ‘We are very happy to have joined the P2PFA as we believe it plays an important role in setting and maintaining high operating standards for our industry. Its role in providing a unified voice on the P2P industry is equally important as we evolve and grow. We believe that diversity of business models within the P2P sector is a benefit for both UK businesses and consumers. We look forward to working closely with the P2PFA and the other members in taking the P2P industry from being an alternative form of finance to the go-to form of finance for SMEs and consumers.’
Notes to Editors
- The Peer-to-Peer Finance Association (P2PFA) was established in 2011 as a representative and self-regulatory body for debt-based peer-to-peer lending. The P2PFA seeks to inform and educate, promote high standards of business conduct, and work with policy-makers and regulators to ensure and effective regulatory regime. P2PFA members are required to meet robust standards for the transparent, fair and orderly operation of peer-to-peer lending, and member platforms comprise more than three-quarters of the total UK peer-to-peer lending market.
- Folk2Folk was launched as a peer-to-peer lender in 2013, and offers simple and straightforward secured business loans. Folk2Folk is one of the only P2P finance companies with high-street branches, and has lent more than £130 million. Folk2Folk is fully authorised by the FCA. Further information about Folk2Folk can be access at: www.folk2folk.com
Robert Pettigrew (Director: Peer-to-Peer Finance Association):
e-mail – firstname.lastname@example.org; telephone: 07771-547462