Innovate Finance appoints head of alternative loan body

Moving comes amid a lobby for greater integration of non-bank lenders into the government's SME support package.

Image Source: Charlotte Crosswell / Innovate Finance.

Industry body Innovate Finance has appointed Mike Carter to lead its recently formed 36H Group, which was acquired in January from the Peer-to-Peer Finance Association.

Carter has been appointed to the role of Head of Platform Lending, tasked with managing the group at a time when its alternative lender members like Funding Circle are ready to play a key role in supporting thousands of UK SMEs.

"Of course, in common with all other markets, the direct priorities of the industry are to manage their businesses through this unusual economic storm while still serving their customers, and many of the platforms already have measures in place. implemented to combat the downturn, "Carter said.

Earlier this month, Innovate Finance asked the government on behalf of its members to extend needed liquidity to the & # 39; non-lending sector so that it could in turn continue to support & # 39; e millions of SMEs for a money crisis.

This week Innovate Finance CEO Charlotte Crosswell, who will speak at AltFi's Digital Summit on May 14, wrote again on behalf of fine SME lenders, including Iwoca and MarketFinance, advocating for equal access to the 100 percent Guaranteed Bounce Back Loans on May 4 will only be extended to CBILS accredited lenders.

“Since the Bounce Back loan is 100% guaranteed and a formal credit rating is not required, we believe that banks and FinTech lenders should have equal access to these facilities, and that the pool of lenders who can provide the scheme should be wider than just those who are CBILS accredited, ”Crosswell wrote.

Mike Carter is currently also executive chairman of The Money Platform, a peer-to-peer lender that's focused on supporting millennials with credit solutions, and previously worked in investment banking.

"Innovate Finance is committed to supporting progressive UK FinTech innovators such as those in the & # 39; s lending platform sector," Crosswell said of the appointment.

"I am delighted to welcome Mike to our team to manage the 36H Group, with his experience and personal knowledge of the industry and the broader financial services market."