Landbay Receives Full Authorisation from the FCA
Landbay, the peer-to-peer lending platform founded in 2013 by John Goodall and Gray Stern, has announced that it has been granted full authorisation by the Financial Conduct Authority (FCA), which includes permission to introduce its Innovative Finance ISA.
The peer-to-peer lending platform, which specialises in funding buy-to-let mortgages, is expected to launch its Property ISA in 2017.
The platform has lent over £40,000,000 for property transactions over the past two years – and reports that none of its 241 property loans are facing repayment troubles.
Around 80 peer-to-peer lending platforms are awaiting full FCA approval – these permissions are required before a platform can operate an Innovative Finance ISA.
Whilst several property-backed platforms have been awarded FCA authorisation, peer-to-peer lending industry leaders Funding Circle, RateSetter and Zopa are all still awaiting full FCA approval, and continue to operate under interim FCA permissions.
Updated: Monday, February 18th, 2019