John Gillespie intends to launch a ‘next generation peer-to-peer consumer lender’ that will take this form of lending ‘into the mainstream’.
A former senior executive from Ratesetter is preparing to launch his own “next generation, peer-to-peer consumer lender”.
John Gillespie is establishing the new business, called SquareDeal.Finance, and has set up a pre-registration page on crowdfunding platform Seedrs.
The firm said it will develop “a legacy-free cloud-based peer-to-peer lending platform” that will “help us take peer-to-peer to the mainstream”.
Gillespie, a former chief technology officer at Ratesetter, said the start-up will use the cash raised on the crowdfunding platform to complete its regulatory process, launch the business and begin trading.
The firm added: “We expect to achieve sufficient growth to allow for a large Series A round in the next year.”
The start-up will not set out how much it intends to raise until it registers its funding document on Seedrs.
“The platform has been built. We’ve got the branding and we are awaiting initial regulatory authorisation,” Gillespie told Peer2Peer Finance News.
He added: “We hope to have a strong proposition for our lenders. We don’t want to chase higher returns – we want to provide better returns than the bank without taking on unnecessary risk. You’re looking at very safe assets delivering a modest return.
“We want to carve out some space as a very clear and transparent proposition for lenders and borrowers alike.”
Gillespie said his new team at SquareDeal.Finance, which he has not yet revealed, has a combined total of 20 years’ experience working on platform development and peer-to-peer customer services.