FOLK2FOLK is looking for institutional funding to launch new products and develop the offering currently on its platform.
Giles Cross, chief executive officer at FOLK2FOLK (pictured above), told Bridging & Commercial that it had been having conversations regarding funding over the past couple of years.
“We’re in the process of developing and launching new products, which we think reflect well on the business and what we’re trying to achieve, always seeking to improve the way we price risk for both lending and borrowing customers”.
“We’ve historically only really focused on our private retail investors and now we have a lot going on behind the scenes, which requires us, for the first time, to look at having institutional lending on our platform, and from a variety of sources.
“It’s something that we’re very excited about.”
Giles said that it was looking for a credit line that would enable it to fulfil the requirements of the business and is currently in talks with some “very interesting” people.
“We have plans for expansion, not only geographically, but also in our product line.
“In order to do that, we need to make sure that we have access to funds to ensure that we always have what is required.”
The P2P lender is looking to build long-term sustainable partnerships with the right companies.
However, Giles noted that it wouldn’t necessarily be looking to change its model with the institutional funding.
Article written by Theo Osborn. Image and Article first appeared in Bridging & Commercial on 30th April 2019.