Proplend and ArchOver join Bud club as aggregator approaches wealth managers
PROPLEND and ArchOver have joined the club of peer-to-peer platforms launching their offerings on Bud, a financial account aggregator that allows them to access a wider network of potential investors.
The two P2P firms joined RateSetter, Zopa, Landbay, Assetz Capital, Lending Works and LendingWell on the online marketplace, which enables consumers to manage all their financial accounts on a single portal.
Commercial property specialist Proplend said a key perk of teaming up with Bud was its high-street lenders client pool – meaning P2P firms would get exposure to a magnified consumer base.
“Bud is really progressive in getting banks to recognise its offering and white label solutions,” said a spokesperson at the firm.
The digital marketplace allows its bank clients to use Bud’s data dashboards on their own websites as a white label product, so that their customers can access it via their in-house page.
“It is very difficult nowadays to build up client loyalty so this service definitely helps to generate that,” said the spokesperson.
“We are already getting exposure 4,000 unique users, which Bud is looking to bring to 10,000 soon.”
To reach that target, Bud told Peer2Peer Finance News that it is hoping to extend its white-label offering to wealth managers shortly, a move that would open up the website to a different investor segment, particularly in the high-net worth and ultra high-net worth individuals space.
“They can leverage our technology and product suggestion service to create a data aggregator themselves,” a spokesperson said.
Meanwhile, business lending platform ArchOver is seeking to wind down its third-party distribution partnership with PBF Solutions, a company that helps financial services providers to acquire new customers, from 17 June.
Online distribution intermediaries may not be the best fit for a niche sector that is constantly evolving, highly innovative and internally differentiated, a spokesperson from the platform told Peer2Peer Finance News.
A direct relation with Bud may prove more efficient in conveying P2P features, the source added.
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