ArchOver raises the bar for P2P lender security with extended 3 year credit insurance agreement
ArchOver, the premier P2P business lending platform which successfully completed its second year in business in September with no borrower defaults, late payments or losses, has extended its exclusive partnership with international credit insurer and collections company Coface by a further three years.
The deal will enable ArchOver to maintain what is widely recognised within the industry as the highest standards of initial and ongoing due diligence and to provide continuous protection to all its lenders through the use of £100m of borrower turnover cover.
Commenting on the new arrangement, Ian Anderson, ArchOver’s chief operating office, said:
“The credit insurance element is central to our unique ‘secured and insured’ business model. We began our partnership with Coface a year ago because we identified the need to offer our lenders insurance cover and to bring a distinctive element to our offering which has allowed us to stand out in a sector that is heavily criticised for lax security and monitoring. The agreement has contributed to our ability to complete two years of operations without a single bad debt, late payment or default.
“Building a relationship with a long-standing organisation such as Coface only complements our offering and we look forward to continuing to offer our lenders this type of protection. It will enable us to scale the business and expand our offering to borrowers who do business outside the UK.
“Coface is a world leader in credit insurance, operating in 100 countries with over 40,000 clients and holding key financial data on 67 million companies worldwide. It is a true global giant with an acknowledged expertise in international trade risk. Coface is the perfect partner for our future expansion plans.”
Frédéric Bourgeois, managing director of Coface in the UK & Ireland, added:
“The partnership between ArchOver and Coface goes from strength to strength and fits perfectly with our own corporate objectives. ArchOver’s business model demonstrates that, after our first year of operation, it is possible to protect lenders without compromising competitive edge. We are very much looking forward to the next stage of our collaboration.”