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  • Crypto lending platform Algofi raises £2.1m before December launch
    by Suzie Neuwirth on 30th November 2021 at 4:57 pm

    New cryptocurrency lending platform Algofi has secured $2.8m (£2.1m) in seed funding, ahead of a December launch. The funding round was led by Union Square Ventures, Arrington XRP Capital and Pillar VC, with participation from Y Combinator, Formulate Ventures and Shine VC. Algofi, which is built on the Algorand blockchain, enables customers to […]

  • Four reasons to consider P2P lending for your portfolio
    by Marc Shoffman on 30th November 2021 at 12:58 pm

    Rising inflation and stock market volatility are regular threats to investor portfolios, but peer-to-peer lending can provide an alternative place to put some of your money. Here is why investors should consider P2P lending. Diversify Spreading your money across different assets helps reduce how much your investment portfolio is damaged by […]

  • P2P platforms face regulatory fee hike
    by Marc Shoffman on 30th November 2021 at 11:35 am

    Peer-to-peer lenders are braced for higher regulatory fees from next year. The Financial Conduct Authority (FCA) has revealed a hike in fees for all regulated firms to help fund its plans to be a “more innovative and assertive regulator”. The City watchdog has proposed increasing its minimum fee, paid by most regulated firms including P2P The […]

  • Open banking data shows use of the technology is on the rise
    by Marc Shoffman on 30th November 2021 at 10:38 am

    The Open Banking Implementation Entity (OBIE) has hailed the momentum building in adoption of the data-sharing initiative. The OBIE has revealed that 330 regulated providers now have at least one open banking proposition live with customers. “Since joining the OBIE, I have been extremely impressed by the work going on behind the scenes across […]

  • FCA shifts responsibility for 90-day open banking approval rule
    by Marc Shoffman on 29th November 2021 at 4:16 pm

    The Financial Conduct Authority (FCA) has altered the controversial 90-day reauthorisation rule for open banking. Currently, consumers opting in to open banking services that give external parties such as apps or peer-to-peer lending platforms access to their main bank account must reconfirm permission every 90 days. The 90-day reauthentication […]

  • Six ways to be a sensible and safer P2P investor
    by Marc Shoffman on 29th November 2021 at 3:01 pm

    Peer-to-peer lending can offer inflation-beating returns but you need to be aware of the risks – here is how you can manage them. There is no such thing as a safe investment but there are steps P2P investors can take to ensure they are accessing the asset class in the safest and most sensible way The post Six ways to be a sensible and safer P2P […]

  • Record numbers of business owners take out personal guarantee insurance
    by Marc Shoffman on 29th November 2021 at 12:33 pm

    Record numbers of business borrowers took out personal guarantee insurance on loans, research claims. Personal insurance guarantee provider Purbeck said it has seen policy numbers increase annually by 143 per cent. The market sectors where business owners and directors have taken out the product are predominantly in construction, wholesale and […]

  • Plend names Alice Tapper as strategic adviser
    by Marc Shoffman on 29th November 2021 at 11:10 am

    Financial inclusion campaigner Alice Tapper has joined Plend as a strategic adviser. The peer-to-peer consumer lender said Tapper would help the platform “better understand and interact with borrowers.” Tapper has been a key campaigner for better regulation of debt products in recent years, especially on buy-now-pay-later products. She also […]

  • Fellow Finance rejigs management team
    by Marc Shoffman on 29th November 2021 at 10:50 am

    Fellow Finance has completed a rejig of its management team following the departure of its chief financial officer (CFO). The Finnish peer-to-peer lender’s CFO Niko Stark left the company last month and finance manager Christina Wallenius has stepped in as an interim replacement. She will also join the management team. Wallenius only joined […]

  • Folk2Folk secures £7m funding line from British Business Investments
    by Marc Shoffman on 29th November 2021 at 10:12 am

    Folk2Folk has secured a £7m commitment from British Business Investments (BBI). The funding line from the commercial arm of state-backed lender the British Business Bank will be used to finance loans on the peer-to-peer business lending platform. Roy Warren (pictured), managing director of Folk2Folk, said the commitment would help boost support […]

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