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ArchOver exiting the P2P lending market

The company will be refinancing and winding down the retail lender side of its loan book over the course of the next two years.

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ArchOver, a business lending platform, is exiting the peer-to-peer lending market, joining the likes of Funding Circle and Zopa which moved out of the market in recent years.

From today, the company will not be accepting any new retail lenders to its platform. 

Launching in 2014 as the first P2P platform offering providing loan investors with an insurance-backed product underwritten by Lloyd’s of London. It is today owned by Hampden Group.

“Our focus to date has been on P2P, but costs and regulation alongside unpredictable Lender appetite during these volatile times means we needed to move to a model that gives us volume and security of funds, and that means institutional money,” said Charlotte Marsh, Managing Director at ArchOver.

ArchOver has delivered over £160 million of lending to UK SMEs, the company says since its launch has established a number of cash flow lending products. These include MBO/MBI finance as well as its unsecured R&D and Grant advance funding.

The company will be refinancing and winding down the retail lender side of its loan book over the course of the next two years, according to Archover chief operating officer Ian Anderson.

“We have seen significant borrower demand for our lending products over the last year, notably in the £750,000 plus range and we will be looking to capitalise on that market moving forward.” 

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