Squirrel applies to become QFE
Founder John Bolton said he had applied for a peer-to-peer lending license from the FMA and hoped to have Squirrel Money operating by February. “It’s a three-month process.”
He said he had always wanted Squirrel to be a full-service financial service business but had not been able to do everything at first. “I pulled back and focused on mortgages, focused on first-home buyers. Now we’ve reached the maturity in the business and actually were aren’t like a normal mortgage broker, we’re a branded business with a big client base. There are things we’re not doing that we should be doing.”
Bolton said he was in the process of applying to become a QFE. “Once we are QFE-d we won’t need to worry about the advice piece and can run with the existing team.”
He said he hoped to be able to work with an existing, good provider offering KiwiSaver.
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