FCA approval and acquisition for peer-to-peer lender
A peer-to-peer lender for the property sector has received FCA approval and has made its first acquisition of a rival business.
Warrington-based Sourced Capital, which is the fintech funding arm of Sourced Group, snapped up Peer Funding, a peer-to-peer business platform in Worthing soon after gaining FCA approval.
It marks a milestone for the firm which launched in 2019 and will help Sourced Capital to increase funding lines to the Sourced Franchise network of property developers, which has doubled in size over the past 12 months.
It will also enable the company to develop new products and opportunities for investors to diversify their investment portfolios.
Sourced Capital provides asset-backed property development investment opportunities to high net worth, corporate and institutional investors.
Derek Pratt, commercial director at Sourced Capital, said: “We have gone from proof of concept to directly authorised and approved by the FCA in a relatively short period of time.
“With our sister company Sourced Franchise doubling its network over the past 12 months, there is unprecedented demand for our funding services.
“This, coupled with a strong appetite from our ever-increasing investor base, means we are well positioned for growth in 2022 and beyond.”
He added: “We want to make property investment more accessible and easier for investors, and we are doing this through Sourced Group’s unique property ecosystem which provides holistic services to property developers and challenges traditional property market approaches through expertise and innovation.”
