Thistle Initiatives supports Sourced Capital to acquire Peer Funding
A massive congratulations to Sourced Capital which has completed its acquisition of P2P platform Peer Funding and on 1 February 2022 became directly authorised.
Peer Funding will now trade as Sourced Capital, the subsidiary of Sourced Group which provides asset-backed P2P property development investment opportunities to sophisticated, high-net-worth, corporate and institutional investors.
Sourced Capital said that the FCA approval will allow the platform, which launched in 2019, to develop new innovative products and opportunities and help it to increase funding lines to the Sourced Franchise network of property developers, which has doubled in size over the past year.
Derek Pratt, Commercial Director at Sourced said:
"We wanted to go down the DA route and be on that side of the process and fully regulated and offer investment opportunities to qualifying investors with that rubber stamp of the FCA having gone all over our procedures, capabilities and proven track record, which is massive for us.
We’re delighted with it, it took a huge amount of work and effort to get where we are, supported by great people inside and outside of the business. We have big growth plans.
We launched a whole new website and platform to coincide with this. A lot of preparation work and effort went into it.
The fact we’re moving to become DA, we had to get in there and change some of the content around who and what we are, it just seems a very sensible time to bring it right up to date where we want it to be."
Sourced Capital said it would like to thank Thistle Initiatives for their compliance support and expertise throughout this whole journey.
Matthew Williamson, Head of Credit at Thistle Initiatives said:
"It was an absolute pleasure working with the Sourced team on the application and other regulatory matters, with a very well-deserved outcome for the business and a reflection of all the hard work. We’re looking forward to seeing where Sourced can go from here and are excited to support the business as it continues to grow"