British peer-to-peer lending platform Funding Circle has secured full authorisation from the Financial Conduct Authority (FCA).

The move paves way for the firm to launch an Innovative Finance ISA, subject to nod of HM Revenue & Customs (HMRC).

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Since its inception in 2010, Funding Circle has allowed individuals and organisations to lend to small businesses. Funding Circle’s investors include individuals, local authorities, the British Business Bank, the European Investment Bank and financial institutions.

As of now, investors have lent over £2.3bn to over 24,000 businesses through Funding Circle.

Funding Circle UK managing director and co-founder James Meekings said: “Our vision is to support thousands of people across the UK to earn stable, industry leading returns by lending directly to small businesses.”

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