Peer to peer lender ArchOver has announced it will extend its exclusive partnership with international credit insurer and collections company Coface by a further three years. The 2-year old secured business lender states it has not experienced any borrower defaults, late payments or losses, to date. ArchOver will provide continuous protection to all its lenders through the use of £100 million of borrower turnover cover.
“The credit insurance element is central to our unique ‘Secured and Insured’ business model,” said Ian Anderson, ArchOver’s COO. “We began our partnership with Coface a year ago because we identified the need to offer our lenders insurance cover and to bring a distinctive element to our offering which has allowed us to stand out in a sector that is heavily criticised for lax security and monitoring. The agreement has contributed to our ability to complete two years of operations without a single bad debt, late payment or default. Building a relationship with a long-standing organisation such as Coface only complements our offering and we look forward to continuing to offer our lenders this type of protection. It will enable us to scale the business and expand our offering to borrowers who do business outside the UK.”
Anderson described Coface as a leading credit insurance provider that operates in 100 countries around the world.
Frédéric Bourgeois, Managing Director of Coface in the UK & Ireland, said the partnership has gone from “strength to strength” fitting directly with their corporate objectives.
“ArchOver’s business model demonstrates that, after our first year of operation, it is possible to protect lenders without compromising competitive edge. We are very much looking forward to the next stage of our collaboration.”