LendingCrowd names new chairman

LendingCrowd has appointed Sir Sandy Crombie (pictured above, right) as its new chairman.

Sandy joins the P2P platform’s board after previous roles as CEO at Standard Life and senior independent director at RBS, a position he stepped down from at the start of the year.

Stuart Lunn, founder and CEO at LendingCrowd (left), said that attracting such an experienced individual such as Sandy was a validation of its approach to building a long-term, sustainable model capable of being scaled in a high-growth sector.

“We have a strong focus on financial processes, regulation and compliance and Sir Sandy will bring invaluable knowledge and expertise around these issues and in supporting our strategic aims. 

“I look forward to a positive, collaborative relationship with Sir Sandy as we drive scale into our business.”

Since its launch in late 2014, LendingCrowd has facilitated more than £45m of loans to over 500 SMEs across the UK.

It also recently reported a record half year and increased its proportion of loans to Scotland-based companies supported by its £2.75m partnership deal with Scottish Enterprise’s investment arm.

Earlier this year, the platform secured an external funding round of £2.2m led by angel syndicate Equity Gap and including Scottish Investment Bank and a number of prominent Scottish private investors.

“LendingCrowd has made impressive strides in a relatively short space of time, supporting the growth ambitions of hundreds of businesses,” said Sandy.

“This is an exciting time for the business and I look forward to working with Stuart and the rest of the team as the platform scales and delivers even more benefits to SMEs, which are the backbone of both the Scottish and UK economies.”

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