ArchOver signs up to UK Finance trade body

PEER-TO-PEER secured business loans platform ArchOver has pledged to be the voice of the P2P sector after becoming part of newly-formed financial trade body UK Finance.

ArchOver joined the Asset Based Finance Association (ABFA) last month which has subsequently been merged into the work of UK Finance along with other groups such as the Council of Mortgage Lenders and the British Bankers’ Association (BBA).

It became one of the first fintech members of the ABFA last month.

“We’re delighted to take our place in UK Finance as it begins its work as the voice of the finance industry, and we look forward to representing P2P on a national stage,” said Angus Dent (pictured), chief executive of ArchOver.

“As part of the association we will continue to build on our success, providing SMEs with quick, secure access to the funding they need to grow, and helping private investors make their money work for them in a challenging economic climate.”

Read more: ArchOver gains full FCA authorisation

Other P2P lenders are already part of the body such as Landbay which was a member of the CML, while the BBA has said it would welcome Zopa once it has a banking licence.

ArchOver offers returns of up to nine per cent on secured business loans. It has facilitated more than £40m of loans with no borrower defaults, late payments or losses so far.

Dent said the platform’s secured lending model made it a natural fit for the invoice and asset-based finance trade body.

Read more: Proplend and ArchOver join Bud club as aggregator approaches wealth managers