New embedded finance platform Peeled lands FCA license ahead of launch
Peeled connects non-financial brands and a marketplace of lenders, allowing the former to embed consumer finance into the customer experience.
Peeled, a new embedded finance platform that allows non-financial brands to lend to their customers, has received authorisation from the FCA ahead of launching in the UK next month.
Embedded finance has seen a surge in interest from fintech startups in 2021 with bold predictions the market will be a vast fintech growth area in the coming years few years.
Peeled, which is set to launch its first UK brand in November 2021, has recently raised €2m in seed funding from investors and is now preparing to fully launch in Novemeber.
It offers companies a customisable white-label solution to let other companies embed lending then connects them with a panel of lenders.
For retailers, this competes with buy now, pay later products for larger value purchases. For service brands, including fintechs, marketplaces, payment companies, insurance companies Peeled provides the ability for these brands to add loans to their product offering.
This can help lower the cost of entry, increase sales conversions and additional revenues for both categories Peeled, said in a media statement, while lenders get access to a lower-cost, loan portfolio growth and digital distribution.
Nigel Rutherford, CEO and co-founder of Peeled, says the startup was founded started so brands could offer their customers a loan with minimal investment.
“Next month this becomes a reality with our UK launch," he said.
“With Peeled, consumers no longer need to interrupt their buying journey or go elsewhere to arrange finance – we can help them right there and then – without leaving the brand’s website,” he added.
“We combine brands, a marketplace of lenders, and consumer lending technology that together deliver a simple, personalised borrowing experience for the consumer,” he said,