The Peer-to-Peer Finance Association is focused on peer-to-peer finance that is facilitated by platforms on which the majority of lenders and borrowers are consumers or small businesses, rather than ‘investment clubs’ or networks of sophisticated investors.
The Association has established a wide definition of peer-to-peer finance providers as:
‘Platforms that facilitate funding via direct, one-to-one contracts between a single recipient and multiple providers of funds, where the majority of providers and borrowers are consumers or small businesses. Generally, funding is in the form of a simple loan, but other instruments may evolve over time.’
Membership of the Association is open to all such businesses, but admission is subject to the Rules of the Association and members must comply with the Association’s Operating Principles.
The initial members of the Peer-to-Peer Finance Association are the three largest platforms at present in the UK:
Representative: Samir Desai, CEO, Funding Circle
Representative: Rhydian Lewis, CEO, RateSetter
Representative: Giles Andrews, CEO, Zopa
Each representative is a member of the Association’s Management Committee.
The independent Chairman of the Association is Christine Farnish.