ArchOver, a new peer-to-peer (P2P) business lending platform, has secured full authorisation from the Financial Conduct Authority (FCA).

Since launching in September 2014, ArchOver has facilitated over £35 million of investment over its platform, operating under interim permissions granted by the FCA. Full authorisation will support ArchOver in attracting new lenders to the platform and allow it to continue working with businesses to make access to funding ‘as easy and simple as possible’.

As a fully authorised P2P lending platform, ArchOver can operate on a level regulatory playing field and focus on expanding its community of investors to achieve its ambition of facilitating £500 million of lending within the next five years.

Angus Dent, CEO of ArchOver, said: “There is 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.”

Share Story: