SMALL business finance peer-to-peer platform Growth Street has replaced James Sherwin-Smith as chief executive with the company’s original founder.
Greg Carter (pictured) will resume the top role at the platform he founded in 2014. The firm started life as a business-to-business lender, before receiving regulatory permission to accept retail investors last December.
A spokesman told Peer-to-Peer Finance News that Sherwin-Smith’s departure was amicable.
“James has helped take the business from strength to strength,” the spokesman said.
“It has reached a stage where the board and him came to a bilateral decision that it was time to return to the original leadership.”
Sherwin-Smith, a former head of decision science for payday lender Wonga and senior principal for Mastercard Advisors, was appointed as chief executive to help launch Growth Street in 2015.
“It has been a pleasure building the Growth Street business over the past eighteen months,” he said.
“I wish Greg and the team the best of luck for the future and will watch Growth Street’s developments with interest.”
Carter started the business while working at Arts Alliance, the venture capital investors behind Graze, Shazam and Lovefilm.
He was the initial chief executive in 2014 but took on the role of chief risk officer for Growth Street when Sherwin-Smith was appointed in 2015.
“We would not be where we are now without his diligent and expert leadership,” Carter said.
“The whole Growth Street family is incredibly excited for the year ahead and I look forward to building on James’ fantastic work.”
The platform has funded more than £54m of credit from 500 investors since November 2016.
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