OnlyFans, the subscription website often associated with pornography, is banning “sexually explicit” content at the request of its bankers.
The company, founded in 2016 by Essex-born chief executive Tim Stokely, said on Thursday it will “prohibit the posting of any content containing sexually-explicit conduct” from October 1.
The move is to “ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans”.
It added: “These changes are to comply with the requests of our banking partners and payout providers”.
More than two million people use London-based OnlyFans to earn money by attracting subscribers. They will be allowed to continue to post content containing nudity, as long as they are in line with the company’s policies.
The decision follows reports in June that OnlyFans was in talks to raise new funding.
The unicorn – a tech startup with a valuation of more than $1bn – is profitable and on track for almost $1bn in revenue this year after spending climbed 400pc during the pandemic, Mr Stokely told the Telegraph in April. Sales that month alone stood at $400m (£293m).
OnlyFans has been trying to become a more mainstream media platform as opposed to being viewed as purely for adult entertainment. It wants to attract a broad range of celebrities and sports stars who can use the platform to connect with fans.
OnlyFans, which handled more than $2bn in sales last year, is currently mostly a hit with female creators who make large incomes by charging customers for bespoke content including suggestive photos and videos, and has become synonymous with sex work.
It boasts 130m users and more than two million creators, who have earned over $5bn. The platform, takes a 20pc fee, handled more than $2bn in sales last year as Covid boosted its popularity.
With people stuck at home, adult celebrities used the site to charge fans for classes or private messages. In this remit OnlyFans does, however, face competition from the likes of sites such as Cameo, which was also valued at more than $1bn in March after a funding round.
OnlyFans said it “remains committed to the highest levels of safety and content moderation of any social platform” with all creators verified prior to posting and uploaded content checked by automated and human moderators.