The father of the peer-to-peer lending industry Giles Andrews is to take on the chairmanship of invoice finance platform MarketInvoice, while retaining his seat at the board of online lender Zopa.
Andrews is credited with the creation of the world's first P2P loans platform Zopa, which he led as CEO from 2007 to 2015, before taking on the chairmanship. He is also chairman of startup accelerator Bethnal Green Venture,
His appointment to the board of MarketInvoice comes as the firm looks to challenge established lenders by moving into the factoring business, providing larger firms with a credit line against their order pipeline. Under Andrews' direction Zopa too is also moving further into the mainstream finance market, applying for a banking licence to offer overdraft and other fee-driven products to consumers.
“This appointment is yet a further signal of our intent to shaking-up and challenging the mainstream market," says Anil Stocker, MarketInvoice CEO and co-founder. "MarketInvoice is committed to evolving its proposition in delivering smarter, faster finance to businesses and consistent returns for investors.”
Over the past twelve month, the firm has funded over £1.1bn against invoices to small and medium-sized firms and raised £7.2 million from VC Northzone and private equity group MCI Capital. The business recently moved into new offices in Shoreditch and raised its headcount to 90 staff.
Says Andrews: “MarketInvoice is transforming the landscape of the business finance industry. I have long been fascinated by their game-changing and innovative attitude. I look forward to working with the team in channelling their drive and ambition.”