Business Peer to Peer lender ArchOver has revealed that it has nearly doubled its overall lending in the first nine months of this year. Since January 2017, total lending over the platform has reached £21.39 million, bringing the cumulative total that ArchOver has lent to date to over £48 million. Proving that the appetite for P2P services from investors and borrowers is continuing to grow, ArchOver is set for a record year as it rapidly approaches the £50 million lending mark.
“Looking back over the last three years, we have seen a huge spike in demand for P2P. On one hand, investors and savers are recognising that they need to make their money work harder. This means taking their funds out of low-interest environments to gain greater returns,” explained Angus Dent, CEO of ArchOver. “On the other hand, we’ve also seen a growing awareness among borrowers that there are alternatives to traditional lending and P2P can provide the funds to take businesses forward and support growth.”