Platform Black rebrand
- 15 Jan
Platform Black, one of the first names to emerge from the peer-to-peer finance revolution, is changing its name to Sancus Finance with effect from Monday (16 Jan 17).
In a letter to customers and introducers, Managing director, Caroline Langron, says that the move comes as part of the strategic review announced last May by owners, GLI Finance, to simplify GLI's structure.
The businesses which survived the recent cull - Platform Black, Credit Junction, LiftForward, Funding Options, Funding Knight and Finexkap - are now grouped together under Sancus BMS Group.
The letter talks about access to a £50m funding line (first announced last July) to fund "the increasing demand we are experiencing from UK businesses" and hints at closer working amongst the group's businesses by promising "a more rounded solution to meet our clients' financing requirements". Funding Knight moved its operations to Basingstoke at the end of 2016 so that, amongst other things, sales and marketing resources can be shared.
Platform Black has had a choppy ride since it was founded in 2011 and has been characterised by a series of management disputes and changes. From its initial fast start, when its rate of growth rivalled that of Market Invoice, Platform Black has experienced a sustained period of plateauing and, according to AltFi data, has financed a total of £158m of invoices to date, adding £3m last month. The rebrand is no doubt an attempt to distance itself from the issues of the past and herald a new beginning. One wonders how long it will be before the Funding Knight brand is consigned to the history books for the same reason.
The Sancus strapline is 'straightforward financing', not a term that immediately springs to mind when looking at its own labyrinthine funding arrangements, but hopefully a statement of intent for the future.