Elevate Capital, a real estate crowdfunding company, is the first live UK customer for Profile Software’s peer-to-peer (P2P) lending platform. The platform is based on the vendor’s long-standing core banking system, FMS.next.

Elevate is a start-up and chose FMS.next for the launch of its web-based investment and fundraising operations. The deal dates back to 2012, but it took quite a while for Elevate Capital to get up and running.

FMS.next’s core engine is a combination of investment management and banking modules. Profile says the solution incorporates a workflow engine for originating and progressing transactions, credit scoring, risk management and fully automated loan procedures, as well as investment features for both primary and secondary market operations, with analysis of investment performance.

In May 2013, Profile launched FMS.next as a new release of its core banking system FMS. The system is designed with the Windows Presentation Foundation (WPF), uses Microsoft’s Silverlight framework and ClickOnce technology, and is available on all standard RDBMS, such as MS SQL, Oracle and DB2. It is available as a desktop application or via a web browser, and can also provide services via mobile devices.

Profile has been keen to gain a foothold in the UK for a number of years now. Last year, it joined forces with a local consultancy firm, Tusmor, to bring to market an outsourced ‘bank in a box’ offering for small banks and start-ups.

One challenger bank, Civilised Bank, is known to have signed up for the offering so far. The bank is in the process of obtaining a licence and hopes to open for business by the end of 2015.

By Antony Peyton.

by IBS Intelligence