In particular, this article is focused on questioning the nature of the FinTech phenomenon in relation to the channels of financial intermediation that it elicits. It does so by reflecting on the trajectory of this process and its likely consequences in the short and medium term. This article takes a step back from the hype Footnote 2 associated with the recent boom of FinTech in the UK. Ensuing problems related to the best way to regulate these new channels of financial intermediation lead to critically evaluate the initiatives launched by the UK FCA, initially under the Innovation Hub, and more recently under the consultation for a new regulatory framework.
Furthermore, questions of systemic risk inevitably resurface in these types of transactions. Interestingly, the emergence of P2P securitisation raises a number of regulatory and policy questions, because longer intermediation chains typical of securitisation may well defy the social and economic purposes under which the idea of P2P developed. The question then is to assess the policy and regulatory approach that is relevant to UK P2P platforms. In doing that, this study focuses on the structure and operation of the main UK platforms, recognising that while some are effectively banks that adopt a technology-based business model, many platforms operate under the P2P business model. This paper maps the development of FinTech lending platforms in the UK and reconceptualises the rationale for their growth. Much has been written on the rise of FinTech in recent years, but there is still insufficient clarity about the benefits that this phenomenon is bringing to the real economy and the potential risks that can arise from its growth. The reluctance and inability of mainstream banks in the post-crisis years to provide credit facilities to the real economy, most critically to start-ups and small and medium-sized enterprises, propelled the latest wave of financial innovation, this time under the guise of FinTech. Nemec, who previously served as Synergy One's National Head of Production and previously held the same position at Guild Mortgage and Academy Mortgage, said: "This acquisition enables us to more aggressively pursue our pipeline of opportunities and to continue to evolve our operational and sales platforms in building a fintech-enabled company that aligns our team with the experience our customers demand.The collapse of the global financial industry in 2008 and the subsequent decay of most Western economies into a period of prolonged economic stagnation have represented a springboard for the progressive growth of alternative channels of financial intermediation. Our confidence in our team and our collective ability to execute couldn't be higher," said Majerus. "Aaron and I are sincerely grateful for the opportunity to lead Synergy One into the future. Synergy One has quadrupled its loan production in three years, breaking into the top 100 retail mortgage lenders in 2019 ranked #53 in Scotsman's Guide. The MBO was led by industry veterans Steve Majerus, CEO, and Aaron Nemec, President. The terms of the acquisition were not announced. SAN DIEGO, J/PRNewswire/ - Synergy One Lending ("Synergy One") is pleased to announce the Management-led asset purchase ("MBO") of the company's distributed retail channel and the Synergy One brand from Mutual of Omaha Mortgage.
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