FundingKnight has been operating under interim permissions since 2014, when the FCA commenced the process of regulating the P2P industry.
Last year, GLI Finance embarked on strategic initiatives which saw it the restructure of their its portfolio of businesses.
Following the restructuring, the Sancus BMS Group was formed, focusing on delivering fast and flexible financing solutions to its clients.
Andrew Whelan, CEO of GLI Finance (pictured above), said: “We are committed to providing funding to the underserved small- and medium-sized business population and their owners.
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“It is our intention to move FundingKnight into the Sancus BMS Group of companies operating alongside Sancus Finance, our specialist working capital finance provider.
“We will also change the name of FundingKnight to Sancus Loans to incorporate it into the wider group.”
Sancus BMS has provided more than £570m of funding to SMEs and entrepreneurs.
Caroline Langron, managing director of Sancus in the UK, added: “We are delighted to have secured FCA authorisation, which demonstrates that we employ robust procedures and processes to ensure we protect both our funders and clients.
“The SME sector requires certainty of funding at what is a volatile time in the economy.
“It is essential that funders can place their cash safety with Sancus, producing attractive returns that cannot be achieved in the current low-interest bank environment.”
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