The alternative loans market has become a little more mainstream after one lender was made a member of the British Bankers’ Association (BBA) for the first time.
Just Loans Group – founded in 2012 – has become the first alternative commercial lender to become an associate member of the trade body.
The BBA is the UK’s main banking trade association and counts 240 institutions among its membership.
“I don’t believe that traditional banks and alternative lenders are in competition with each other as they share the common aim of helping UK businesses invest and grow,” said John Davies, Just Loans Group chief executive.
“We see the future as traditional banks and alternative lenders increasingly working in partnership with each other. Aligning ourselves with the BBA – the voice of banking in the UK – is a great way to accelerate this and share experiences to date that come from a sole focus on business lending and innovative fintech investments.”
Richard Adler, the BBA’s relationship director, said: “We are very pleased to welcome Just Loans Group as an associate member.”
Just Loans offers anti-money laundering compliance process for corporate borrowers in the UK and plans to expand in to Europe in the future.