It has launched with £23 million of proprietary capital – raised largely from local entrepreneurs and professionals. The platform will target SMEs seeking capital and an investor base comprised of high-net-worth individuals. Sancus will have a focus on working with entrepreneurs and businesses that create local job opportunities. The hope will be that this will draw Jersey-based SMEs and entrepreneurs to Sancus, and away from the more established UK P2P lending hubs, like Zopa and RateSetter, which do not offer the same local benefits.
Andrew Whelan, Chief Executive of the newly formed platform, said:
“We are delighted to announce that we are open for business and ready to lend. Sancus has been able to attract significant shareholders, the majority of whom are Channel Islanders who understand the benefits of this sector and are keen to assist in supporting the real economy.”
The Sancus management team boasts 25 years worth of experience in the local financial services industry. They plan to expand the platform’s operations to other offshore locations in due course.
Seeking to dominate a particular locality is an unusual approach for a P2P lending platform. Sancus will hope to become the go-to point for entrepreneurs and businesses in offshore jurisdictions.
