ArchOver reaches £50m lending landmark

ARCHOVER has passed the £50m lending milestone, with no defaults or late payments since it started in 2013.

The peer-to-peer business lender said it has facilitated more than £51m of funding for UK businesses to date, offering average returns to investors of 7.3 per cent.

“In a world of low returns, investors are increasingly searching for higher yields,” Angus Dent (pictured), chief executive of ArchOver, said.

“Lending is a relatively straightforward asset class for both institutional and retail investors to understand, and the Financial Conduct Authority’s recent certification of ArchOver and other P2P platforms has given them the confidence to add P2P lending to their investment portfolio.

“We look forward to introducing new lending services in 2018, helping to expand our borrower and lender base while continuing to operate with the best principles of P2P lending.”

Read more: ArchOver CEO: SMEs have “wrong attitude” in eschewing finance

The platform’s parent company Hampden Group also backed the news.

“This is a significant landmark in ArchOver’s growth,” Stephen Harris, chief executive of Hampden Group, said.

“ArchOver has consistently produced high yields for institutions and individuals alike, and that high quality of service is producing fantastic results. We are reaping the benefits of recognising the strength of the ArchOver model early, investing in the company and lending over the platform alongside a growing number of investors.”

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.

Read more: ArchOver seals FCA approval as it closes first dual-loan