ArchOver is delighted to announce that its second round funding has been fully subscribed for by Hampden, the insurance and financial services group.
Hampden has also joined the ArchOver Cornerstone Investor Group with an initial £3 Million being made available to Borrowers.
Tim Oliver, Chairman of Hampden, said: “The crowdfunding sector is growing fast. We have been impressed by ArchOver’s dedication to lender security and we are pleased to back its highly professional team”.
Brian Basham, Executive Chairman, said: “We could not ask for better partners. Hampden is a long-term strategic investor and has had considerable success in supporting early stage companies.”
Angus Dent, Chief Executive Officer, said: “Lender security is our prime concern. On behalf of the lenders we register a first charge over the borrowers’ accounts receivable (debtors) and, as an added level of security, we also insure that debtor book. This achieves two things: it lowers the risk to lenders and it also allows the borrower to benefit from the creditworthiness of its customers.
“This unique level of security has attracted an initial £3million of cornerstone lending from Hampden that is available to borrowers.