A Canadian software provider for private capital markets has launched a peer-to-peer (P2P) lending solution for the UK.
Katipult partnered with payments specialist Mangopay in March to create software which facilitates the investment process from marketing and distribution through to investor tax reporting.
The software can be used for both business and consumer purposes.
Mangopay is a multi-currency payment solution and the holder of an e-money issuer license passported to all 31 European economic area (EEA) countries.
Katipult said it has a number of established firms that will be going live with the solution in early 2017.
It added that it has been working on this project for about six months to ensure it understood the regulatory challenges, business model variety and technology challenges.
It added the platform can be used by various business models in various sectors including real estate, auto financing, consumer lending, invoice factoring and student loans.
Brock Murray, chief executive of Katipult, said: “We’re bringing a product to the UK market that benefits everyone from lenders to borrowers as well as regulators.”
Céline Lazorthes, chief executive of Mangopay, said: “P2P platforms require a high level of technical specification and functionality. The partnership between Katipult and Mangopay perfectly answers this need.”
Katipult will open a London-based office early next year.