ArchOver, a P2P business lending platform in the UK, has received full authorisation from Financial Conduct Authority’s (FCA) to function as P2P lending platform.
The authorisation will enable ArchOver to operate on a level regulatory playing field and attract new lenders to the platform.
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The company said that it will now focus on expanding its community of investors and facilitate £500m of lending in the next five years.
ArchOver CEO Angus Dent said: “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 COO Ian Anderson said: “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.”
ArchOver, which was launched in 2014 and backed by Hampden Group, has till now facilitated more than £35m of investment over its platform.
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