LONDON, February 22, 2016 /PRNewswire/ --
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.
Mark Hannay, COO, said "Gaining our full FCA authorisation is an important milestone and shows that what we've built over the last seven 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.
About Active Securities
Active Securities is an innovative financial technology business, providing consumer credit under its online brand 247Moneybox.com.
The management team has considerable experience of launching and operating both consumer and commercial finance businesses across Europe and the Asia Pac region, including small ticket leasing, auto finance, salary secured lending and residential mortgage operations.
As one of the leading online short-term finance firms in the UK, Active Securities has been recognised by numerous bodies for its success in technology and entrepreneurship. In addition, the company has been a member of the alternative finance trade body, BCCA, since 2009 and a board member since 2013. The firm has also been ranked 9th in the highly prestigious Sunday Times Hiscox Tech Track 100 league table and 12th in the Deloitte Fast 50.
For more information, email: email@example.com
Mark Hannay, +44(0)207-1839201
SOURCE Active Securities