Peer-to-peer (P2P) lenders have been touted as one of the biggest threats to traditional banks, but now they’re getting into bed with them. Santander will be referring small businesses it turns down for loans to P2P platform Funding Circle, who in return will promote the bank’s current accounts and other services. MT can just feel the love.
P2P startups had made a lot of noise about how they were different to banks, who have been notoriously stingy with small business lending since the financial crisis. Indeed, Funding Circle director Ed Wray told MT in February that while P2P lending wouldn’t do […] Read more