ArchOver losses widen but lender numbers climb
ArchOver saw its losses widen last year, but the business lender continued to grow its investor base and broker network despite the disruption of the Covid pandemic.
The peer-to-peer lending platform reported an operating loss of £648,579 for the 12 months ending 31 December 2021. By contrast, during the 12 months ending 31 December 2020, the platform made a loss of £534,996.
However, for the fourth consecutive year, ArchOver grew its lender base and loan volumes organically.
3,577 potential lenders were registered with the platform by the end of last year, with 1,244 actively lending by 31 December 2021.
The average loan size was £231,856 – up from £224,500 in 2020. 635 loans had been facilitated by the December 2021, up from 579 one year earlier.
ArchOver’s managing director Charlotte Marsh told Peer2Peer Finance News that the results were “largely in line with our forecasts which have received the full and continued support of our parent company.”
Read more: ArchOver prepares to launch £2m of loans this month
She added that the platform is now focused on its newest offerings as it recovers from the impact of the pandemic and Covid-related lockdowns.
“Our focus during this time had been to launch and support our new service offering for establishing funding of management buy outs and acquisitions,” said Marsh.
“Both services have received a very positive response from our lenders and we look forward to their successful development during the forthcoming years.”
Read more: Exclusive with ArchOver’s Charlotte Marsh: Overarching principles