Archover passes £10 million milestone
ArchOver, the UK's fastest-growing B2B crowdlending platform that is unique in using credit insurance to safeguard lenders against possible default, has passed the £10m landmark figure for total loans advanced to business borrowers. ArchOver opened its doors for business just over a year ago.
A single loan of £150k to VFS Legal Funding – a financial services firm that specialises in providing cash flow finance for smaller UK law firms – was sufficient to take ArchOver through the £10m barrier. The new loan, which fully subscribed within 48 business hours, brings the total amount lent to VFS via the ArchOver platform to £1.9m.
The news follows the announcement last month that ArchOver had entered into a partnership with Coface, one of the world's largest credit insurers, to create £100m of insurance cover for future borrowers.
Commenting on the news, Angus Dent, CEO of ArchOver, said:
"Naturally we are pleased to reach this significant figure – having achieved it in around a year of operation has exceeded our expectations in a very competitive marketplace, although of course we remain very ambitious. Taken together with our recent teaming with Coface, we feel we are really beginning to make our mark with our 'secured and insured' proposition which provides lenders with a protected return of around 7% per annum.
"At the same time, we are also helping to bridge the funding gap left by the banks which can sometimes force SMEs to accept the pernicious terms demanded by some of the invoice discounters and factors.
"As for the VFS funding, this is just the sort of reliable repeat borrower we are looking to support. This particular loan falls within range of our typical loan size of around £250k."