1PM PLC 1pm secures international funding capability
February 27 2018 - 2:03AM
RNS Non-Regulatory
TIDMOPM
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
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief
Financial Officer 01225 474230
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
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
END
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