Peer Funding removed from ISA list after Sourced acquisition
Former peer-to-peer lending platform Peer Funding has been officially removed from HMRC’s ISA manager list, eight months after it was acquired by Sourced Capital.
Peer Funding was founded in 2013 with a remit to offer business loans, as well as invoice and bridging finance to UK businesses. In January 2022, Sourced Capital completed its acquisition of the platform, inheriting its loan book and P2P lending technology.
Peer2Peer Finance News understands that although Peer Funding held permissions to offer the Innovative Finance ISA (IFISA) tax wrapper for several years, there were no monies held in the platform’s IFISA accounts at the time of the Sourced acquisition.
A few days after the acquisition, Sourced launched its own IFISA product, with commercial director Derek Pratt saying that demand was “very high”.
Sourced has been in growth mode over the past year. In the first six months of 2022, the company provided more than £10m of funding to small- and medium-sized property developers.
It is in the process of raising money through a Seedrs crowdfunding campaign, with the aim of investing in its technology and team.
Read more: Assetz Capital reports 2022 lending peak in July