Yann Murciano, Chief Executive at BLEND Network, comments: “At Blend Network, we believe the measures promise to be a positive step forward for P2P platforms. We already use appropriateness tests, which the FCA is proposing. We believe these measures will have a significant positive impact on the P2P industry, particularly on the way that loan risks and platform business models are assessed.
“It is because the FCA has kept a watchful eye on the growing UK P2P industry educating and protecting consumers that is the second largest by volume in the world after the US. Last year, £3bn of loans were advanced to small businesses and property developers among others and £15bn has been advanced overall since the inception of Peer2Peer lending in 2005.
After all it is not regulation but strong oversight that anticipates dangers is the key to preventing financial scandals happening in the first place.
The company had a strong finish to 2018, securing £10 million in a successful financing, which included investment from leading business leaders such as Cyrus Ardalan, chairman of OakNorth Bank and Citigroup Global Markets Ltd, Chairman of Publicis Group Maurice Levy, and Jean-Phillipe Blochet, co-founder of Breven Howard. BLEND Network aims to continue its growth in 2019, further expanding the team, developing new features for the platform and increasing its range of borrowers and lenders.