ARCHOVER GRANTED FULL FCA AUTHORISATION
London, UK – 24 May 2017 – ArchOver, the peer-to-peer (P2P) business lending platform, has secured full authorisation from the Financial Conduct Authority (FCA) to operate as a P2P lending platform (Article 36H). Since launching in September 2014, ArchOver has facilitated over £35 million of investment over its platform, operating under interim permissions granted by the FCA. Full authorisation will support ArchOver in attracting new lenders to the platform and allow it to continue working with businesses to make access to funding as easy and simple as possible.
“There is great satisfaction in gaining a stamp of approval. Our industry leading policies and procedures will allow us to take alternative forms of lending to the next level,” commented Angus Dent, CEO at ArchOver. “At a time when investors are experiencing low interest rates and banks are tightening the purse-strings, P2P lending offers a unique and much needed service. Incorporating the most successful elements of P2P lending into the regulations and strategy of the FCA is critical to raising awareness and protecting the long-term success of the industry.”
As a fully authorised P2P lending platform, ArchOver can operate on a level regulatory playing field and focus on expanding its community of investors to achieve its ambition of facilitating £500 million of lending within the next five years. With no borrower defaults, late payments or losses in nearly three years of operations, ArchOver delivers an above-industry-average return of 7.24% to investors.
Backed by the Hampden Group, ArchOver has developed two asset-based lending services allowing UK SME’s to borrow against Accounts Receivable and/or recurring contracted revenue. Its experienced management and credit team carefully vet borrowers and monitor the performance of businesses and assets every month. ArchOver also partners with Coface, the world-leading provider of credit insurance and debt recovery services, to offer additional security.
“From the first day of operations, we’ve placed lender security at the heart of our business model to exceed any potential compliance requirements,” commented Ian Anderson, Chief Operating Officer at ArchOver, who has been closely involved in the authorisation process with the FCA. “This attitude meant we have not had to change our primary working practices in order to comply with regulation. While we have waited a long time to gain this recognition, we always believed that it was in the best interests of ArchOver, and the sector in general, that the FCA take the necessary time to ensure the process was thorough and fair.”