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Lending Works appoints first head of tech to drive platform development

Lending Works, a peer-to-peer lender, has appointed Michael Raasch as its first head of technology.

With 20 years’ project development and management experience in the financial technology industry, Raasch will hold overall responsibility for Lending Works’ online and mobile IT development strategy.
 
Nick Harding, founding chief executive of Lending Works, says: “In the last few months, we have seen Lending Works transform as a business, from a start-up finding its feet to a genuine competitor to our largest peers. At this important stage in our growth, I am delighted that Michael has agreed to join us. Michael will be a key member of our expanding team, helping us to consistently deliver the best technology that underpins our services, as well as attract some of London’s best technology talent to our growing developer team.”
 
Raasch joins Lending Works after working with a number of early stage businesses including Ecoinomy where he has been chief technology officer. Backed by Deborah Meaden, one of BBC’s infamous Dragons, Ecoinomy develops internet-based employee engagement and incentive schemes to save companies money and increase staff performance.
 
Before moving into the start-up sector, Raasch spent more than 15 years managing software development projects for leading global financial institutions including Goldman Sachs, Commerzbank and UBS.
 
Raasch says: “The fintech sector is a fascinating place to be working and innovating in right now and the P2P industry is certainly one of the sector’s biggest success stories in recent times.  To go from a niche product to a genuine alternative to the establishment in such a short space of time is a phenomenal achievement and I’m very excited to be working with Nick and the Lending Works team to help shape P2P technology for years to come.”
 
Lending Works, which launched in January 2014, has insurance that protects lenders’ money against borrower defaults and fraud. In September the company lent GBP500,000 and is on track to lend more than GBP750,000 in October.

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