Announcement
1PM PLC : 1pm secures international funding capability
RNS Number : 0463G
1PM PLC
27 February 2018
27 February 2018
1pm plc
(the "Group" or the "Company")
1PM SECURES INTERNATIONAL PEER-TO-PEER FINTECH FUNDING CAPABILITY
Gains access to the Mintos marketplace, a leading online marketplace
for financing business loans via global retail investors;
Becomes first UK based loan originator to join Mintos;
1pm plc, the AIM listed independent specialist, non-bank provider of finance facilities to the UK SME sector is pleased to announce that it has entered into a Cooperation Agreement with 'AS Mintos Marketplace' ("Mintos") to be a loan originator on its market-leading online marketplace for loans.
Mintos is a global online marketplace for loans where retail investors can participate in many different types of loans originated by non-bank loan providers. Through Mintos, 1pm will reap the benefits of the peer-to-peer lending model in financing loans that have traditionally been funded on its own balance sheet.
1pm is the first loan originator from the UK to access the Mintos marketplace and joins approximately 30 other loan originators globally. By becoming a loan originator on the marketplace, 1pm is able to harness the resources of the fully developed fintech capability and to instantly reach approximately 50,000 registered retail investors across the globe for the first time, thus also creating an important new funding channel.
The leverage created by this new funding source will allow 1pm to increase the number of loans written through its loans division without taking on significant additional risk of default. Up to 90% of each loan originated and made available on the Mintos marketplace will be assigned to investors on a non-recourse basis. Access to the Mintos marketplace therefore creates greater lending flexibility and more growth potential than a solely balance sheet approach to lending. All business loans assigned by 1pm will be in sterling. The Cooperation Agreement starts with an initial six-month trial period.
Mintos' mission is to facilitate free and efficient movement of capital and since launching in 2015, it has become the world's largest marketplace of its kind (www.mintos.com).
Commenting on this latest initiative, Ian Smith, CEO, said:
"An important part of our strategic growth plan is to harness the benefits of financial technology. By joining the Mintos marketplace, we will now be able to accelerate our loans business origination without increasing risk and to access retail investors globally and efficiently, a funding source that would be unavailable to us without this digital capability".
For an audio interview with Ian Smith about this initiative, follow this link: http://bit.ly/1pmMintos0218
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For further information, please contact: |
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1pm plc |
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Ian Smith, Chief Executive Officer |
01225 474230 |
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James Roberts, Chief Financial Officer |
01225 474230 |
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Walbrook PR |
0117 985 8989 |
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Paul Vann |
07768 807631 |
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About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies focused on providing SMEs with accessible funding to add value to their businesses. All customers must have good credit histories and proven ability to repay their finance commitments.
Mission Statement - 'Helping the UK economy grow by supporting SMEs'
More information is available on the Company website www.1pm.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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