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P2P lender joins bank lobby group




By Moriah Costa on 20th July 2017


 

ArchOver is now a member of UK Finance, a recently created trade body for the banking and financial sector.


 

P2P is uniting with the high street banks.

 

ArchOver, a P2P platform, joined bank and finance trade group UK Finance to lobby the government on financial standards. The organisation combines six trade bodies, including the British Bankers Association, Payments UK and ABFA.

 

“We’re delighted to take our place in UK Finance as it begins its work as the voice of the finance industry, and we look forward to representing P2P on a national stage,” said Angus Dent, CEO at ArchOver.

 

The platform has facilitated over £40m in financing and claims to have no later borrower payments, defaults or losses in the last three years. It has returns of up to 9 per cent to lenders.

 

Other P2P lenders, including Landbay, are already part of UK Finance. The trade body was set up after a review to minimise costs and duplication.


 

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