Peer-to-peer business lending platform ArchOver announced on Monday it has nearly doubled its overall lending in the first nine months of 2017. The company reported that since 2017 its total lending has reached £21.39 million, bringing its cumulative total that has been lent to date to over £48 million. While sharing details about the latest milestone, Angus Dent, CEO of ArchOver, stated:
“Looking back over the last three years, we have seen a huge spike in demand for P2P. On one hand, investors and savers are recognising that they need to make their money work harder. This means taking their funds out of low-interest environments to gain greater returns,” explained . “On the other hand, we’ve also seen a growing awareness among borrowers that there are alternatives to traditional lending and P2P can provide the funds to take businesses forward and support growth.”
ArchOver also revealed it has begun facilitating loans of higher value with UK SMEs including Prospect Business Centres Limited (“PBC”) and Duradiamond Healthcare Ltd (“Duradiamond”), each borrowing over £3 million.
“Both companies have benefited significantly from borrowing using ArchOver’s two main lending models, its flagship ‘Secured & Insured’ model and the ‘Secured & Assigned’ model, which launched earlier this year. PBC has already grown their London property portfolio off the back of securing £3.1m in a series of loans from July to September 2017. While, Duradiamond, who borrowed £3.3m in a series of loans over nine months (March to November 2016), received the boost it needed to grow its business and become successful enough to repay the loan early, and with no penalty. The final payment was made in August 2017, four months before the repayment was due.”
Dent then added:
“Our business model allows us to provide lenders and borrowers with a personal and transparent approach that offers them reassurance,” concluded Dent. “Ultimately, we want to become an important partner in their growth so we can advance business borrowing for the better. At the same time, we want to ensure that lender security is a priority so we can offer a rate of return that’s higher than expected given the level of security. We are confident that this approach will allow us to continue growing successfully and support us in our move towards achieving profitability.”