UK-based peer to peer (P2P) lending platform Proplend has received full authorisation from the Financial Conduct Authority (FCA).
Proplend is a P2P lender that connects creditworthy borrowers to investors. The company specialises in sub £5m, secured commercial property loans.
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The company said that it will now apply to the HM Revenue and Customs (HMRC) to become an ISA manager and offer the Innovative Finance Individual Savings Account (IFISA).
Proplend founder and CEO Brian Bartaby said: “After a comprehensive approval process, we are delighted to have reached this significant milestone.
“The granting of full authorisation demonstrates to current and future investors that Proplend’s regulatory and operational infrastructure has met with the highest standards demanded by the FCA.”
Other P2P lenders that previously gained FCA authorisation include LandlordInvest and Folk2Folk.
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By GlobalData
