The platform has also hired a new head of finance as the P2P lender plots a path to profitability.
ArchOver, the peer-to-peer (P2P) business lending platform, has hired David Swanson and Tom Malley as Head of Lending and Head of Finance respectively as it aims to facilitate £100m in loans.
Swanson and Malley join as ArchOver looks to expands its lender base and grow towards profitability. In particular, Swanson will lead the charge on attracting more institutional investors to lend via the platform.
Formerly a fund manager at Bank of Montreal, Swanson says he will be targeting funds and family offices to scale up the business.
“ArchOver is committed to being the premium brand in the P2P sector,” said Swanson. “It provides the security and control craved by institutions and retail investors alike," he added.
“I see a company that’s built a solid business model through a deep understanding of both the lender and borrower perspectives. Now it’s time to scale up engagement with both, and put the ArchOver name front-of-mind among leading funds and family offices – we’ve got the people and the service to make it happen,” he said.
Swanson has 30 years’ experience in portfolio management and securities, including at the Bank of Montreal.
Archover said in release that he will help develop products and propositions to cater to “a lender’s expectations and grow the stable, patient capital operating over the platform”.
Malley has over a decade of experience in finance including strategic financial planning at US-listed analytics firm Enova.
“As P2P platforms grow, they have to expand two objectives in tandem: growth in the lender base, and growth in the borrower base. ArchOver has a great track record of balancing those two streams by treating borrowers as individuals and providing a high level of lender security,” Malley said.
Archover launched in began in 2014 and began by offering just P2P loans against businesses’ accounts receivables. More recently it has launched a number of new lending products including loans to fund R&D.