PEER-TO-PEER secured business loans platform ArchOver has become one of the first fintech members of the Asset-Based Finance Association (ABFA).
Angus Dent, chief executive of ArchOver, said the platform’s secured lending model made it a natural fit for the invoice and asset-based finance trade body.
It comes just a month after ArchOver gained full authorisation from the Financial Conduct Authority (FCA.)
“With our FCA approvals still hot off the press, we’re delighted to have been accepted as part of the ABFA,” Dent said.
“We look forward to working with our peers in the sector to build on our successes in the small- and medium-sized business lending space and provide our lenders with top-flight security.
“As part of the ABFA we will continue to connect UK businesses with the essential funds they need to grow, and work to maintain our zero per cent default rate for lenders.”
ArchOver offers returns of up to nine per cent on secured business loans. It has facilitated more than £37m of loans with no borrower defaults, late payments or losses so far.
ABFA, which represents more than 95 per cent of the UK and Irish asset-based finance market, aims to set and maintain ethical standards within the industry.
A spokesman told Peer2PeerFinanceNews in April that it would consider P2P members but at the time only had an affiliate – Platform Black. It is believed that other platforms have since joined as full members.
“ABFA exists to ensure that our members treat clients fairly and embrace the principle of professional conduct in their business,” Jeff Longhurst, chief executive of ABFA, said.
“We are very pleased to welcome such an innovative finance provider as Archover as one of our first fintech members.”