FairFX Group, through its subsidiary Spectrum Payment Services, announced that it has been licensed to provide credit facilities as a broker, allowing it to offer loan products to both its business and retail customers.
The loans will be provided by FCA-authorized third-party lenders, so there won’t be any credit risk to the Group, and the loans will not appear on FairFX’s balance sheet.
“I am delighted to be able to make this announcement as it is a key milestone on our journey to offering a full range of services to our customers. We now have a clear road ahead to roll out our card-based revolving credit product in the near future, which will radically simplify the process of applying for and receiving funds for a small or medium-sized business,” Adam Rigler, managing director of banking products at FairFX, said in a statement.
As a result of the license, the Group expects to launch an innovative, highly-digitized revolving credit product in partnership with specialist lender iwoca in the coming months that will help small and medium-sized businesses to apply for and receive a loan decision within minutes and immediately receive funds directly into their account or onto a prepaid card, either virtual or physical, to be issued by FairFX Group under its Mastercard membership.
“This announcement is another major step forward in our strategy of providing a full range of products to our SME customers. We have been working hard on the banking platform, with teams both in Chester and in London, since we acquired CardOne Banking in August 2017. Achieving direct membership of Faster Payments and now this regulatory approval are the tangible output of these efforts, and we will have more exciting product developments to announce in the coming months,” added Ian Strafford-Taylor, CEO of FairFX Group.
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