ARCHOVER has bolstered its finance and lending teams to help it reach its target of facilitating £100m in loans.
The peer-to-peer business lender said on Wednesday that it has hired David Swanson and Tom Malley as head of lending and head of finance respectively.
Former banker Swanson has over 30 years of experience in portfolio management and securities, including roles at the Bank of Montreal.
ArchOver said he will be tasked with attracting more institutional investors to lend through the platform.
“ArchOver is committed to being the premium brand in the P2P sector,” said Swanson.
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“It provides the security and control craved by institutions and retail investors alike.
“As an ArchOver lender in my previous role, I was impressed by the spirit of excellence and fairness in the team, and I’m excited to become a part of that.
“Now it’s time to scale up engagement with both and put the ArchOver name front-of-mind among leading funds and family offices.”
Malley has experience in strategic financial planning at technology and analytics company Enova and will focus on using in-depth analytics and business partnering to create growth, Archover said.
“As P2P platforms grow, they have to expand two objectives in tandem: growth in the lender base, and growth in the borrower base,” said Malley.
“ArchOver has a great track record of balancing those two streams by treating borrowers as individuals and providing a high level of lender security.
“I am building on that advantage as we push for £100m in total lending.
“ArchOver provides a quality service, and I’m looking forward to helping the business sustainably scale up by matching growth in borrowers and lenders.”
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ArchOver has facilitated over £70m of funding for UK businesses to date, with investors receiving annual returns of up to 10 per cent.