First ever P2P2P2P platform launches

By Daniel Lanyon on Saturday 1 April 2017

Alternative Lending

A new platform which claims to be the world’s first inter-alternative lending platform is aiming to improve liquidity between fintech lenders.

A new platform which claims to be the world’s first inter-alternative lending platform is aiming to improve liquidity between fintech lenders.

Pawnstr, the world’s first ever service allowing P2P platforms to lend to each other, has launched following a £17bn seed capital investment.

The Peer-to-Peer-to-Peer-to-Peer (P2P2P2P) platform, as some random commentators have begun calling, will be a game changer for the fintech and alternative lending industry, according to the company’s CEO and founder Mike McPhail.

“This platform is the final nail in the coffin for the big, bad banks,” he said. 

Private equity giant Auldboise Capital led the funding round after its chief investment officer Jonathan Oxbridge heard from a cab driver that fintech is “going to be massive.”

Dorothy Miggins, a retired pastry entrepreneur, says she is considering putting all of her pension drawdown into the platform.

“What could be better than lending to a lending expert who lends to a lending expert?,” she said. “My grandson tells me that fintech is all about the network effect and this is exactly the kind of virtuous vortex of innovation in lending that I have been looking for,” she said.

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