Propio P2P dissolved
Propio P2P, which raised £278,000 using the government’s future fund to support its move into peer-to-peer lending, has closed down.
The property investment firm was dissolved on 15 February, according to documents recently filed with Companies House, and its website has been taken down.
This followed a First Gazette notice for compulsory strike-off on 30 November 2021.
The Financial Conduct Authority (FCA) has a warning on its financial services register about Propio P2P.
Read more: P2P platform launches to watch out for in 2022
“As at 01/03/2022, the FCA became aware that this firm may be ‘dissolved’ at Companies House,” the watchdog said on its register.
“We are seeking to contact its principal firm/s in respect to this. If you have any concerns about this firm, please report these to the FCA.”
Propio had been working on launching into the P2P sector for around two years.
In 2020, Propio decided to move away from mini-bonds after the FCA implemented a temporary marketing restriction for restricted investors.
It raised £278,000 in total from its funding round and the future fund to prepare for its delayed launch. The government’s future fund offers convertible loans to high-growth companies, subject to equal match funding from private investors.
Propio was planning to launch as an appointed representative (AR) of Rebuildingsociety but since 26 February, an FCA restriction has been in place preventing all of Rebuildingsociety’s ARs from conducting any regulated lending.
In June last year, Tom Buttress stepped down as chief executive of Propio and was replaced by Ray Christopher.
A Propio representative told Peer2Peer Finance News that the company still plans to launch a P2P lending platform later this year under its parent company, Invest With Prop.