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Peer2Peer Finance News | September 18, 2019

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Rebuildingsociety boss takes helm at InvestUp

Rebuildingsociety boss takes helm at InvestUp
Marc Shoffman

PEER-TO-PEER investment aggregrator InvestUp has installed Rebuildingsociety boss Daniel Rajkumar as temporary chief executive while it searches for a replacement for Chris Bradbury who left at the end of 2017.

InvestUp was purchased by the White Label Company – owned by Rajkumar – last year when the original founders, including Bradbury and James Tuckett, were looking for an exit.

Read more: P2P supermarket InvestUp trials inclusion of cryptocurrencies

“When the founders were looking for an exit they spoke to me,” said Rajkumar. “I’m an interim measure until we hire a chief executive to drive the business forward.”

Companies House documents show Bradbury and Tuckett stepped down as directors at InvestUp at the end of 2017, while Rajkumar was appointed as a director in May 2018.

Rajkumar is a director at the White Label Company and separately is the controlling shareholder for Rebuildingsociety, which is one of the platforms InvestUp uses for its portfolio. He said there are now plans to develop the InvestUp platform by adding more lenders and working with discretionary fund managers.

Read more: Rebuildingsociety partners with Leeds Council to support local businesses

“Over the last year we have been continuing to develop the product and fine tune the algorithm so it can work on a performance index,” Rajkumar said. “We will also look to publish performance data of other platforms and add new ones.”

He also noted that the market is currently watching the Financial Conduct Authority and Prudential Regulation Authority, who are both looking at further supervision of algorithmic trading.

“Algorithmic trading may become a separate regulated entity,” he said. “Our view is that working with an aggregator in an interest of lenders is a step removed from active trading on an investment platform.”

InvestUp allocates money across 14 platforms including ArchOver, Assetz Capital and Lendy. Investors have earned on average 9.66 per cent since the business launched in 2015.

Read more: Rebuildingsociety opens IFISA pre-registrations after gaining FCA approval