Zopa’s president and former head of capital markets Jonathan Kramer has been named Lending Works’ new chief operating officer.
The announcement was made after it was revealed that alternative investment manager Intriva Capital has completed its acquisition of Lending Works, six months after the takeover was first announced.
Although Kramer’s appointment has been made public today, according to LinkedIn, he assumed his new role at Lending Works in October 2020.
According to AltFi, Kramer will lead the platform’s institutional funding division, alongside new board member Andrew Doman. Intriva executives Simon Finn, Dean Walsh and Tom Saunders have also joined the board of the newly-acquired peer-to-peer platform.
Nick Harding (pictured) will remain group chief executive, with a remit to increase the amount of institutional investment on the platform.
Retail investors have been unable to invest in the Lending Works platform since early April, when the platform introduced a 90-day ‘normalisation period’.
The normalisation period was extended for another 90 days in July, and in October, a second 90-day extension was added. This means that retail investors will have been unable to access the platform for nine months of the year.
Under the normalisation period, Lending Works has also suspended the use of its secondary market, and will temporarily divert all of its investors’ interest payments into Lending Works Shield, its provision fund.