ArchOver granted full FCA authorisation

The platform has facilitated over £35m of investment since launching in September 2014 and hopes authorisation will help it to attract new lenders to the platform.

As an authorised platform, ArchOver can operate a level regulatory playing field and focus on expanding its community of investors in order to achieve its aim of facilitating £500m of lending within the next five years.

Angus Dent, CEO at ArchOver (pictured above), said there was great satisfaction in gaining a stamp of approval.

“Our industry leading policies and procedures will allow us to take alternative forms of lending to the next level.

“At a time when investors are experiencing low interest rates and banks are tightening the purse strings, P2P lending offers a unique and much needed service.

“Incorporating the most successful elements of P2P lending into the regulations and strategy of the FCA is critical to raising awareness and protecting the long-term success of the industry.”

ArchOver is backed by the Hampden Group and has developed two asset-based lending services which allow SMEs to borrow against accounts receivable and/or recurring contract revenue.

The platform has yet to have any borrower defaults, late payments or losses, and delivers an average return of 7.24% to investors.

“From the first day of operations, we’ve placed lender security at the heart of our business model to exceed any potential compliance requirements,” added Ian Anderson, chief operating officer at ArchOver, who was closely involved in the authorisation process with the FCA.

“This attitude meant we have not had to change our primary working practices in order to comply with regulation.

“While we have waited a long time to gain this recognition, we always believed that it was in the best interests of ArchOver, and the sector in general, that the FCA take the necessary time to ensure the process was thorough and fair.”