ArchOver breaks through the £20m loans barrier – with no defaults or losses.
News that ArchOver has succeeded in passing the landmark figure of £20m in business loans in less than two years has confirmed its reputation as one of the UK’s fastest growing crowdlending platforms.
Commenting on the achievement, CEO Angus Dent said: “Naturally we are pleased at reaching £20m because it confirms that our unique ‘Secured and Insured’ business model can withstand the challenges of the market place in even the most difficult times. SME borrowers have been understandably cautious because of the uncertainty created by the Brexit vote, but confidence is slowly returning and our loyal core lenders have been willing to step up to the plate to meet demand.”
“This is the best way to answer critics of the alternative finance sector, particularly since our business model prevents us from lowering lending criteria even if we were tempted to go down that path. Good quality borrowers will always be able to find the finance they require if they know where to look and lenders, faced with the prospect of even lower returns from traditional deposits, will be even keener to secure decent returns on their money in return for an acceptable level of risk. The market is working, despite the criticism and best efforts of the detractors to knock it off course.”