JustUs becomes the latest P2P firm to get the green light from the regulator.
Peer-to-peer lender JustUs has been granted full authorisation by the FCA. The platform, launched in 2016, is now looking ahead to its Innovative Finance ISA launch. Its registration forms have been despatched to HMRC, and the firm expects to launch the product in October.
Commenting on the milestone, JustUs founder and CEO Lee Birkett took a swipe at some of his rivals.
“A number of our larger competitors have been unable to satisfy the regulatory requirements to operate a peer-to-peer lending platform, and have withdrawn from the application process,” he said. “We wholeheartedly believe in the spirit of peer-to-peer and as a team have all invested a huge amount of the time, money and effort to deliver a unique proposition to UK borrowers and savers.”
LendInvest, a property lending platform, closed its P2P platform to individual investors earlier this year, and subsequently withdrew its bid to gain authorisation as a peer-to-peer lender. It has since raised £50m via a retail bond offering, which is listed on the London Stock Exchange.
Meanwhile there is the glaring absence of RateSetter – one of the UK’s “big three” platforms – among the ranks of the fully authorised P2P firms.
JustUs facilitates a range of loans, including bridging loans, unsecured consumer loans, guarantor loans and buy-to-let mortgages. The firm is backed by Saatchi & Saatchi co-founder Sir John Hegarty, via his business incubator The Garage, Soho.
“Gaining full regulatory approval shows our belief in the business model Lee and his team presented to us was justified,” said Hegarty.