Crowd2Fund reveals new growth capital to fund spate of new hires
Crowd2Fund has secured new growth capital to fund a spate of new hires and upgrades at the platform, following a restructuring effort at the peer-to-peer lending platform.
In an update to investors, Crowd2Fund revealed that it “recently secured significant amounts of private investment from a major shareholder to support operational and capital expenditure and drive the platform towards profitability.”.
Following the departure of founding chief executive Chris Hancock earlier this year, Crowd2Fund has named Hussain Qaragholi as interim managing director. Qaragholi is a former banker with more than 20 years experience. He initially joined the Crowd2Fund board as a non-executive director in June 2022, and became executive director in February 2023.
Muneeb Ajmal has been hired as the platform’s new head of origination, with a remit to “drive revenue growth and product diversification.” Ajmal previously worked at Google.
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The firm has also bolstered its operations team with two new hires, and appointed Matthew Anderson as head of collections.
“Now that the restructure is complete, we plan to continue our work on the internationalisation of the platform in non-UK markets,” said a Crowd2Fund spokesperson.
“Achieving this objective will require recruiting new talent to bolster the number of opportunities available on the platform and expanding our investor base to facilitate the funding of additional businesses.
“Additionally, we are working towards making significant improvements in our tech department, the roadmap includes bank accounts, further app developments, operational system improvements, exploration of AI and automated due diligence processes.
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“We firmly believe that Crowd2Fund has significant growth potential both in the UK and internationally. We are continuously evaluating our business model based on objective and empirically sourced evidence to sustainably scale the business.”
Since completing the restructure and making the new hires, Crowd2Fund has seen “significant” increase in deal flow, with a month-on-month growth of 42 per cent.
To date, Crowd2Fund has funded more than 750 UK businesses and entrepreneurs with around £50m in investment capital. Investors have earned more than £7m in interest.
Read more: Crowd2Fund founder steps down from CEO role as part of restructure