ArchOver investors earned £13.5m in interest before P2P exit
ArchOver’s investors earned £13.5m during the nine years that the platform was operational, according to the company’s most recent financial report.
The peer-to-peer lending platform exited the market at the start of 2023 citing rising costs, tightening regulation, and ongoing economic volatility for the decision.
The business lending platform was founded in 2014 and went on to deliver more than £161m in loans funded by retail investors.
“Our offering has appealed to a wide variety of lenders; from individuals, through family offices, to companies and institutions,” said Charlotte Marsh, managing director of ArchOver, in the company’s 2022 financial statement.
“Those that make up our lender community have received over £13.5m in interest.”
The financial statement also confirmed that ArchOver extended its losses by approximately £300,000 in 2022. During the 12 months ending 31 December 2021, the platform reported total losses of £648,579. By the end of December 2022, the company’s losses had widened to £948,528.
Turnover fell during the final year that the company was operating. In 2021, total turnover was £1.09m, versus £984,539 in 2022.
There were 2,640 lenders registered with the platform by the time it closed its retail business in January 2023. 1,281 of these lenders were actively investing.
ArchOver also confirmed that the number of loans facilitated during the company’s tenure was 674. No new loans were funded in 2023 ahead of the platform’s P2P exit.
Marsh added that she expects the company’s wind down to take at least two years.
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“ArchOver will not promote or accept any new loan applications in 2023 and will begin an orderly wind down of the active loan book,” she said.
“An operations team will remain in place to conduct the wind down, this is expected to take at least 24 months.
“The principle activity of the company will be to monitor, review and manage the existing loan portfolio, working with each borrower to ensure repayments of interest and capital are repaid in a timely manner with no unnecessary interruption to the lenders’ payment scheduled. This includes the management or sale of any loans to a third party.
“The operational team will continue to maintain monthly monitoring, borrower relationships and recovery services.”
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