UK-based peer-to-peer (P2P) lender Folk2Folk has secured full authorisation from the Financial Conduct Authority (FCA).
The company said that it eventually looks to offer the Innovative Finance ISA (IFISA) to customers, subject to nod of HM Revenue and Customs (HMRC).
Folk2Folk CEO Jane Dumeresque said: “We see this as a significant milestone for Folk2Folk as a P2P lending business. This decision is significant as it makes us eligible to offer our IFISA before the end of this tax year.
“I think it speaks volumes about Folk2Folk as a business having gained its full FCA authorisation ahead of many of the industry’s leading and larger platforms. We believe this will act as a positive sign to investors as well as business professionals that are looking to partner with a trusted and fully authorised platform like Folk2Folk.”
Launched in 2013, Folk2Folk focuses on local secured lending for businesses. The platform has lent over £125m till date.
The authorisation of the Folk2Folk comes on the heels of the full FCA authorisation of LandlordInvest, another P2P lending platform in the UK.