Member Article

Zoopla-backed P2P lender granted full FCA authorisation

The flood of FinTech firms gaining full authorisation from the Financial Conduct Authority (FSA) looks to be picking up pace after peer-to-peer (P2P) lender Landbay became the latest to gain the regulator’s approval.

Specialising in P2P buy-to-let mortgages, the financial technology firm will now be able to launch its Innovative Finance ISA in the New Year and joins a select bunch of lenders, including LandlordInvest, Crowdstacker and Crowd2Fund, to have obtained full authorisation.

Launched in April this year, the IFISA allows P2P investors to get a better return on their alternative finance investments by enabling them to earn interest free of income tax; however, lenders must have obtained FCA authorisation before they are able to offer it to investors.

John Goodall, Landbay Chief Executive Officer commented: “We are pleased to confirm that the FCA has granted Landbay its full authorisation for peer-to-peer lending.

“For the past 14 months we have worked hard, in collaboration with the regulator. As our industry continues to grow and mature, it is only right that regulation should evolve in line, and we welcome the detailed approach the regulator has taken throughout the process.

“This is a significant milestone for Landbay and we look forward to launching our property-backed ISA before the end of the tax year.”

Founded in 2013, Landbay was one of three businesses to benefit from a £1m investment from Zoopla in February this year.