Peer-to-peer business lending platform ArchOver has hired an industry veteran as a non-executive director to support its plans for profitability, it has announced today.
After surpassing £60 million of lending, ArchOver announced it is aiming for profitability with Bill Johnston joining its board of directors as a non-executive director (NED). In his role, Johnston will support ArchOver in formularising its training and development programme, to ensure it has the right talent in place as it continues to scale.
“In the early days, I doubted ArchOver could succeed. It’s my job to distinguish between ambition and reality. While there is growing demand for alternative finance, it would only take one major player to fail and the whole sector would be at risk of big reputational damage. However, as ArchOver started to attract institutional investment, I was slowly converted. Based on rigorous monitoring of borrowers, ArchOver has built a significant client base of credible lenders making informed decisions about where to put their money. It is a business of substance, poised to move on to the next stage of growth. I am hoping to contribute to that development.”
Angus Dent, CEO of ArchOver, said:
“Not everyone gets P2P or ArchOver straight away. The fact that a chartered accountant – one that is not afraid to speak their mind – has become one of our biggest supporters shows how the perception of P2P is evolving to become a solid, credible form of lending, forming part of the financial services industry. As he starts to transition out of his role at Hampden, Johnston has requested to stay involved with ArchOver and act as a link between the two companies, helping install the skills and disciplines fundamental to our future growth.”