22 February 2016
Active Securities has received full authorisation from the Financial Conduct Authority (FCA) to conduct consumer credit activities.
Trading under its brand 247Moneybox.com, the London based online payday lending operation, established in 2009, is set to expand over the coming year leveraging its in-house tech capability. In addition, the firm has set its sights on growing market share in the single instalment high cost short term credit market compared to other market participants.
Mark Hannay, COO, said "Gaining our full FCA authorisation is an important milestone and shows that what we've built over the last 7 years is up to the rigorous scrutiny of the FCA. We will continue to build a long-term sustainable business putting customers and robust governance at the centre of our model."
Payday loans have attracted much controversy over recent years and 247Moneybox.com is keen to show that the industry has turned a corner following the introduction of significantly tougher rules by the new regulator.
Hannay continues "true single instalment payday lending is almost extinct as other short-term lenders have had to move to longer-term, higher value loans. However, we continue to demonstrate that done right, there is a sustainable business model with significant growth potential. In the new price cap regime, it requires a lean and efficient operation to lend £50 responsibly and profitably".
Technology has always been at the core of the company's business model. By leveraging all available data in an increasingly interconnected and online world, Active offers convenient and reliable access to short term credit to a growing audience of 10+ million individuals often underserved by traditional banks and lenders.