ArchOver nears £50m milestone after bumper year to date
ARCHOVER is approaching the £50m funding milestone, having nearly doubled its total lending in the first nine months of this year.
The peer-to-peer business lender said on Monday that it has lent out £21.39m since January 2017, bringing its cumulative total since launch to over £48m.
Chief executive Angus Dent said the company had seen “a huge spike in demand for P2P” over the past three years.
“On one hand, investors and savers are recognising that they need to make their money work harder,” he said.
“This means taking their funds out of low-interest environments to gain greater returns.
“On the other hand, we’ve also seen a growing awareness among borrowers that there are alternatives to traditional lending and P2P can provide the funds to take businesses forward and support growth.”
ArchOver originates business loans using its flagship ‘secured and insured’ model and its secured and assigned’ model, which launched earlier this year. It has now funded over 300 loans and is starting to originate larger facilities, with Prospect Business Centres and Duradiamond Healthcare each borrowing over £3m.
It said it now has 624 investors on its platform, up from 304 at the end of December 2016.