Peer Funding, a “business only multi-product” peer-to-peer lending platform, will be shutting down in half a month starting September due to failure to bring in additional funding, reports Peer2Peer Finance News.
The lender, which has failed to participate in trading for a while now, sent out an email to investors this Thursday informing them that money held on the trading platform will be returned to them this August 21. Either that, or the process will be done shortly afterward or possible even on September 1.
In the email update, Peer Funding stated:
“Peer Funding has been seeking external investment to secure the future growth of the company for some time and has not traded whilst searching for the right investors for the business, on the right terms,” it said in the update. It is with regret that I have to advise you that after a long and fruitless search, we have been unsuccessful in securing the investment required. The directors have therefore made the difficult decision to close the platform.”
The platform considers itself a “multi-product P2P platform” with a few different finance solutions for businesses that need to borrow money. The company shutdown will follow its Resolution Compliance, the website reads.
Unfortunately, Peer is the second P2P lender to meet its downfall in recent days. Less than four months ago, competitor Lendy, a popular P2P platform, shut down as well.