Target Group has been appointed to provide standby servicing to Ratesetter, the peer-to-peer lending platform.
The move comes as the peer-to-peer sector continues to mature and, as part of that process, the Financial Conduct Authority increases its oversight of the sector.
Ian Larkin, co-group chief executive at Target Group, said: “Ratesetter is one of the market leaders in peer-to-peer lending so the fact they have chosen to appoint Target is a strong endorsement of our work.
“Ensuring a back-up servicer is in place is now an essential consideration for those working in the alternative finance market to reassure regulators, clients and investors alike that in the unlikely event of business interruption they have a safety net in place.”
Colin Hodges, head of investor operations at Ratesetter, said: “We have a responsibility to our customers to ensure that we provide them with a consistent and reliable service and Target will help us to deliver this as we continue to grow.
“With their enviable track record and thorough knowledge of the industry, we are very pleased to have appointed Target to work with us in this way.”