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Downing completes acquisition of P2P lending platform
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Downing
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Downing LLP is an FCA authorised and regulated investment manager which has over 25 years’ experience and has raised funds from 35,000 investors. The investment manager has its own crowdfunding platform, Downing Crowd, which launched in March 2016 and has since raised over £80 million on behalf of small UK businesses, having successfully launched 35 Bonds.
Downing had already adopted Funding Empire’s technology in October 2016 and has also worked with the founders, Parag Patel, Jon Levy and Dinesh Patel, to launch Downing Crowd’s own in-house investment platform.
The final acquisition of the Funding Empire business has now been authorised by the FCA. Funding Empire’s existing investors will not be automatically moved over to Downing’s own platform, Downing Crowd. However, to welcome them into the Downing family, existing Funding Empire members and investors will be offered a special rate on their first bond investment.
Funding Empire continues to administer repayments for historic loans originated on the platform, but will not be issuing any new loans under this brand after the existing loans have been repaid. All new opportunities will be in conjunction with Funding Empire under the Downing brand.
Over £60 million has been raised by Downing since Funding Empire’s technology was brought in. It has also allowed the business to continually innovate, with developments including the launch of an Innovative Finance ISA (IFISA) and SIPP account, regular access bonds and its newest product, bonds with potential equity ‘upside’.
Funding Empire’s technology and operations will continue to be based in Downing’s new ‘Tech Hub’ in Cardiff, which is home to 10 employees and complements the 140-strong workforce in its London office.
