ArchOver, a peer-to-peer (P2P) business lending platform, has been awarded membership of the Asset-Based Finance Association (ABFA), the trade body for invoice finance and asset-based lending.
Coming shortly after it received full FCA approvals last month, ArchOver’s inclusion as part of the ABFA reinforces its reputation as one of the young P2P sector’s most security-focused and well-established players.
The ABFA represents over 95 per cent of the UK and Irish asset-based finance market, working to set and maintain ethical standards within the industry. ArchOver’s Secured & Insured and Secured & Assigned lending models make it a natural fit for the association, emphasising lender security with an all-asset charge, an in-depth credit analysis, monthly monitoring, insurance policies and a rapid dispute resolution service for borrowers.
With the membership secured, ArchOver is well-placed among P2P lenders to serve mid-market businesses looking for up to GBP10 million in loans, with over GBP37 million already funded. The company’s record of no borrower late payments, no defaults and no losses over the past three years demonstrates that it is able not only to deliver for investors but also to provide a highly beneficial service to borrowers.
“With our FCA approvals still hot off the press, we’re delighted to have been accepted as part of the ABFA,” says Angus Dent, CEO at ArchOver. “We look forward to working with our peers in the sector to build on our successes in the SMB lending space and provide our lenders with top-flight security. As part of the ABFA we will continue to connect UK businesses with the essential funds they need to grow, and work to maintain our zero per cent default rate for lenders.”
“The ABFA exists to ensure that our members treat clients fairly and embrace the principle of professional conduct in their business,” says Jeff Longhurst, CEO of the ABFA. “We are very pleased to welcome such an innovative finance provider as Archover as one of our first fintech members.”
