ArchOver partners with SME debt specialist Escalate
ARCHOVER has clinched a partnership with dispute resolution firm Escalate, a move that it said will boost its ability to offer both borrowers and lenders a ramped-up level of security on repayments and debt settlement.
The small-and medium-sized enterprises (SME) lending platform became the first peer-to-peer player to team up with the debt repayment specialist on Wednesday. The new collaboration will grant ArchOver’s borrowers a fixed-cost, no-win no-fee service to manage cash flow and keep up with loan repayments.
It will also help them recover invoices that could be used for additional security, which the platform expects will ultimately increase the amount they are able to borrow.
Read more: ArchOver seals FCA approval as it closes first dual-loan
“Within the SME market, all sorts of debt tends to be written off due to the time and money it takes to chase debtors down,” said ArchOver’s chief operating officer Ian Anderson.
“With Escalate on board, we will now be able to help SMEs to recover that debt, managing their cash flow and increasing their ability to access essential funding as a result.”
The service will help the platform recover any contested assets used as security for loans, which will result in added certainty for its investors. It will also strengthen ArchOver’s existing protection layers, which include Coface’s insurance offer and its own all-asset charge on borrower assets.
“Combining our monthly monitoring and insurance policies with Escalate’s dispute resolution will enable us to provide that extra level of assurance for our lenders, reinforcing ArchOver’s position as one of the most security-focused P2P platforms in the market,” said Anderson.
Read more: P2P sector ready to take on institutional money challenge
Escalate combines services from accountancy firms PKF Littlejohn, Haines Watts and Price Bailey, law firms such as Bermans and Moore Blatch, and Flaxmans, a legal expenses provider and insurance claims mediation specialist.
“Escalate’s successful launch has been supported by its network of forward-thinking partners that recognise the platform’s genuinely disruptive offer,” said Chris Clay, a partner at PKF Littlejohn and co-founder of Escalate.
“ArchOver shares our ambitions, ethos and commitment to shaking up the market, so partnering with them was a natural next step for us.”
Read more: Proplend and ArchOver join Bud club as aggregator approaches wealth managers
