Peer to peer lender ArchOver has successfully closed a record £2.3 million working capital loan for Duradiamond Healthcare. The new credit facility was announced last month by ArchOver and was described as not just a record for their platform but for the online lending industry as a whole. The actual loan was split into two portions: a £500,000 one year vehicle that was tied to four new contracts and a £1.8 million refi of an existing facility. The new finance will support the growth and development of Perth-based occupational healthcare company Duradiamond Healthcare. ArchOver also believes this is the largest non-property related working capital facility ever raised by any platform anywhere in the world.
“We are obviously delighted that we have been able to assist Duradiamond Healthcare, an exceptionally fine Scottish company that we are convinced is destined for greater things. However, this is also ArchOver’s largest loan by far and so we are equally pleased for ArchOver and its growing band of loyal lenders. Everyone involved has worked very hard to bring this campaign to a successful conclusion,” said ArchOver CEO Angus Dent.
“Above all, this makes a massive statement about the effectiveness of crowdlending in the modern financial marketplace. We have demonstrated that we have the systems, structure and capacity to offer a genuine alternative to the banks when it comes to providing flexible finance to young growth companies. It is a good outcome for all concerned.”
Duradiamond expects to see top line revenue increase by almost 20% for 2016 rising to £14 million. Growth in 2017 and 2018 is predicted to top £17 million and £21 million respectively. The new form of online finance was described as enabling company growth by Duradiamond CEO Dr. Chris Pugh.