The Jersey-based peer-to-peer lender Sancus has now launched operations in nearby Guernsey.
Sancus is a secured lending operation that facilitates traditional P2P transactions in the Channel Island arena. The business is focused on working with entrepreneurs and businesses that are creating local job opportunities. Sancus is not a traditional peer-to-peer lender largely in that there is no online platform upon which lenders and borrowers come together. Instead, the business hooks up high net worth lenders with similarly high net worth borrowers - all within the Channel Island area. The service is not currently open to retail investors. Since launching operations at the start of this year, Sancus has already loaned in excess of £15 million – an extremely impressive number for so young a platform. The largest single deal to be completed via Sancus is a £3.5m loan. Now the platform is expanding into Guernsey in the hope of attaining further volume.
Andrew Whelan, Chief Executive of the platform, commented:
“We are delighted to announce the opening of our Guernsey office. The move fits with our growth strategy and is indicative of the increase of peer-to-peer lending activity in the Channel Islands and elsewhere. We are also very pleased to welcome David and Steve to our team. They have extensive industry experience and relationship networks and will play a significant role as we continue to develop.”
The appointments referenced by Mr. Whelan are also expected to stimulate the growth of the platform. David Purdy has been made Business Development Manager in Guernsey. He has more than 40 years’ experience in banking, lending and related financial services, with more than 27 years spent in offshore jurisdictions. Steve House takes on the role of Business Development Manager in Jersey. His career in offshore banking has also spanned upwards of 40 years.
We’ll continue to follow the progress of Sancus – which seems to have carved out a valuable P2P niche within the British Channel.