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Proptech rental recognition service first to gain FCA approval

CreditLadder is first in the proptech world to gain approval from the FCA to both initiate rental payment from banks and offer aggregated 'dashboards' to tenants.

Nigel Lewis

Rent recognition platform CreditLadder has secured approval from the Financial Conduct Authority (FCA) to initiate payments from banks and offer tenants aggregated financial ‘dashboards’, the first in the proptech sector to do so.

The company, which currently works with over 2,500 letting agent branches, can now ask banks to make rental payments on a tenant’s behalf and also offer them financial dashboards to show aggregated payments data from multiple accounts.

This, CreditLadder claims, will enable it to significantly widen its offering and help tenants manage and improve their finances and credit scores.

Started up two years ago, the company is one of only 15 tech firms in the UK to have approval for both activities – known and AIS and PIS – and the company says FCA approval is a “huge step forward”.

It recently gained admission to HM Treasury’s Tech Nation programme, whose spokesman Greg Michel (left) says: “We look forward to seeing how this will open up new avenues for CreditLadder as their work and company develop.

“CreditLadder receiving approval from the FCA is a huge statement about the fundamental importance of their work.”

AIS and PIS have been made possible by the revised EU Payment Services Directive or PSD2, which earlier this year brought tech-based payment companies like CreditLadder into the regulatory fold.

Sheraz Dar, CreditLadder, imageSheraz Dar (right) CEO of CreditLadder.co.uk, says: “Winning FCA approval is a huge step forward for CreditLadder because it significantly widens the range of services we can offer tenants and underlines to them, as well as commercial partners and investors the integrity of our platform.”

November 21, 2018

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