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Innovate Finance appoints head of alternative lending body

Move comes amid lobbying for greater inclusion of non-bank lenders in the government's SME support package.

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Charlotte Crosswell/Innovate Finance.

Industry body Innovate Finance has appointed Mike Carter to lead its recently-established 36H Group, which took over from the Peer-to-Peer Finance Association in January.

Carter has been appointed to the role of Head of Platform Lending, tasked with managing the group at a time that its alternative lender members like Funding Circle are poised to play a significant role in supporting thousands of UK SMEs.

“Obviously, in common with all other markets, the immediate priorities of the sector are to manage their businesses through this unprecedented economic storm while still serving their customers, and many of the platforms have already implemented measures to combat the downturn,” said Carter.

Earlier this month Innovate Finance urged the government on behalf of its members to extend much-needed liquidity to the non-bank lending sector, so that it could in-turn continue to support the millions of SMEs facing a cash crunch.

This week Innovate Finance CEO Charlotte Crosswell, who’ll be speaking at AltFi’s Digital Summit on 14 May, wrote again on behalf of fintech SME lenders including Iwoca and MarketFinance arguing for equal access to the 100 per cent guaranteed Bounce Back Loans which on 4 May will be extended only to CBILS-accredited lenders.

“Given the Bounce Back loan is 100% guaranteed and a formal credit assessment is not required, we believe banks and FinTech lenders should have equal access to these facilities, and that the pool of lenders who can deliver the scheme should be broader than just those who are CBILS accredited,” wrote Crosswell.

Mike Carter is currently also executive chairman of The Money Platform, a peer-to-peer lender aimed at supporting millennials with credit solutions, and before that worked in investment banking.

Innovate Finance is committed to supporting forward-thinking UK FinTech innovators like those in the platform lending sector,” said Crosswell on the appointment. 

“I’m delighted to welcome Mike to our team to help manage the 36H Group, with his experience and personal knowledge of the sector and the wider financial services market.”

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