Member Article

Now SME overdrafts have gone P2P with new service from FinTech startup

London-based FinTech startup Growth Street has become the first lender to offer peer-to-peer (P2P) overdrafts for businesses.

Focused on the SME market, the firm has launched its P2P overdrafts service on its lending marketplace and claims to offer investors up to 6.5% return on their investments.

Joining similar P2P financing options for business, including ThinCats and Funding Circle, Growth Street differs in that it offers a full overdraft service, not a fixed term loan, giving businesses the chance to make returns on any excess cash.

James Sherwin-Smith, Chief Executive Officer at Growth Street, said that in the current climate of Brexit uncertainty and low interest rates, it was ‘essential’ that businesses have access to ‘competitive’ financial options.

He said: “We are therefore delighted to open our marketplace to serve the needs of businesses looking for a better deal on their excess cash, and further support the growing number of firms looking for finance on better terms than the incumbents can provide.”