ARCHOVER has hired a “converted” non-executive director who doubted that the peer-to-peer lending platform could succeed in the early days.
Bill Johnston, previously group finance director at ArchOver’s parent company Hampden Group, originally thought that ArchOver did not have what it took to become a successful business, the company said on Monday.
However, after watching the company attract major institutional investment and facilitate over £60m in lending, he was converted.
The business finance provider said that Johnston will help the firm reach profitability by building its staff training and development programme, to ensure it has the right talent in place as it continues to scale.
“In the early days, I doubted ArchOver could succeed,” said Johnston. “It’s my job to distinguish between ambition and reality. While there is growing demand for alternative finance, it would only take one major player to fail and the whole sector would be at risk of big reputational damage.
“However, as ArchOver started to attract institutional investment, I was slowly converted. Based on rigorous monitoring of borrowers, ArchOver has built a significant client base of credible lenders making informed decisions about where to put their money.”
Johnston has been group finance director for the specialist insurance and financial support services company Hampden Group since 2010. Before that he was managing director and partner at accountancy firm Seymour Taylor, which was subsequently acquired by Hampden.
“Not everyone gets P2P or ArchOver straight away,” said Angus Dent, chief executive of ArchOver. “The fact that a chartered accountant – one that is not afraid to speak their mind – has become one of our biggest supporters shows how the perception of P2P is evolving to become a solid, credible form of lending, forming part of the financial services industry.”
ArchOver’s investors can expect returns of up to nine per cent, with a minimum investment of £1,000. Companies that borrow over the ArchOver platform are UK-based, have been trading for a minimum of two years, and are seeking a minimum loan of £250,000.
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