Secured and insured P2P lender strikes partnership with dispute resolution firm Escalate.
ArchOver, an up-and-coming P2P lender for small businesses, has partnered with commercial dispute resolution firm Escalate.
Escalate is a fixed-cost dispute resolution service provider that caters specifically to the needs of small businesses. ArchOver claims to be the first UK lender to have partnered with the firm.
ArchOver says the partnership will further enhance its secured lending service for investors. Escalate’s rapid “no-win no-fee” dispute resolution service will be now be available to ArchOver for recovering any contested assets that have been pledged as security for loans over the platform, providing an extra layer of assurance that repayments will be made on time.
“Within the SME market, all sorts of debt tends to be written off due to the time and money it takes to chase debtors down,” explained Ian Anderson, ArchOver COO. “With Escalate on board, we will now be able to help SMEs to recover that debt, managing their cash flow and increasing their ability to access essential funding as a result.”
ArchOver secures its loans against either receivables or contracted revenues, in addition to having partnered with Coface to insure against certain default risks.
Anderson believes ArchOver has positioned itself as one of the “most security-focused” peer-to-peer lending firms on the market. The firm joined the ranks of the fully authorised in late May, paving the way for the launch of an Innovative Finance ISA. It has lent £37m to date, according to AltFi Data.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.