Growth Street launches peer-to-peer lending for individuals

Alternative banking provider Growth Street has become an appointed representative (AR) on the Financial Conduct Authority's (FCA) Financial Services Register.

The announcement means that Growth Street will be able to accept individuals as investors on the platform, which will increase its range of investors.

Growth Street has partnered with Resolution Compliance to allow it to expand its activities while continuing with its own direct peer-to-peer application with the FCA.

The platform aims to provide for more businesses via GrowthLine – Growth Street’s business overdraft alternative.

Investors in the platform can gain a £100 bonus by investing the minimum £1,000 for one year and a protection fund has been designed to cover both expected and unexpected losses as well as the ability to withdraw funds at 30 days’ notice.

James Sherwin-Smith, CEO of Growth Street, said individual investors will now be able to join the ranks of businesses who already invest through the platform.

“Becoming an appointed representative is an important step in the regulatory journey for Growth Street.

“While we continue with our application to be a regulated firm in our own right, by acting as an appointed representative of Resolution Compliance we can increase our regulatory experience by working alongside a partner that has one of the strongest track records in an otherwise immature industry.”

James Dingwall, group CEO for Resolution Compliance, added: “We’re pleased to welcome Growth Street to the network and further facilitate the growth of the peer-to-peer lending industry.”

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