TruNarrative are proud to announce our latest customer… ArchOver.
ArchOver, a leading provider of P2P business lending, has chosen to work with TruNarrative, a provider of financial crime prevention and identity management services.
Founded in 2014, ArchOver is at the forefront of innovative finance, they provide working capital loans to UK businesses from £100k to £15million and are approaching £100 million in lending. Operating a Peer-to-Peer model, ArchOver connects businesses to capital, offering returns to investors of up to 10% p.a..
The partnership gives ArchOver a full suite of customer on-boarding and eKYC services allowing them to identify and verify both borrowers and investors.
TruNarrative delivers a cost-and time-efficient anti-money laundering solution. Customers are checked on application and then monitored through the customer lifecycle, eliminating the need for expensive and inefficient periodic batches.
Using the TruNarrative journey builder, ArchOver can now build product-specific customer journeys for investors and borrowers. The system allows for the quick code-free addition of new data sources delivered via the TruNarrative App store.
TruNarrative is continuing to work closely with ArchOver to develop their customer onboarding strategy and drive the key goals of reducing false positives at application, maintaining a robust and compliant customer journey, and lowering customer friction.
Innovation is at the core of both ArchOver and TruNarrative’s approach. We are proud to facilitate business’ access to the funding they need and investors’ access to secure and lucrative investment products. Together we have built a compliant, auditable and secure process, which we believe contributes to overall confidence in the growing P2P sector.
Unifying these services allows Oakbrook to fine tune their customer on-boarding process to reduce false positives and their overall referral queue, whilst improving risk detection, reporting and management visibility.
The TruNarrative Platform enables the building of bespoke journeys and rules around the data sources in the TruNarrative App Store. Additionally, Oakbrook can now easily waterfall together multiple IDV providers into a single customer journey. This increases customer acquisition rates and reduces the amount of manual referrals requiring investigation.
John Lord, CEO of TruNarrative said,
“ArchOver is a great partner in a growing innovative sector. The SME market they serve is a sector I know well, and they definitely deserve the success they have seen in the last few years”.
Ian Anderson, COO of ArchOver added,
“TruNarrative has an ideal solution for us; we have been very impressed with the solution and
more so with the ongoing innovation we have seen since we started using it”.
TruNarrative was founded in 2016 with a single mission: to make safe commerce simpler. With a head office in Leeds, TruNarrative also has offices in London, New York and Singapore
TruNarrative aims to transform the fraud, identity, KYC and AML process by continually providing products built on state-of-the-art technology, bringing the best of data science to ambitious companies of all sizes.
TruNarrative has also established partnerships with Cifas, CreditSafe, Comply Advantage, Equifax and HelloSoda, and features some 25 third-party apps in the TruNarrative App Store which can all be configured through the platform.
ArchOver is a peer-to-peer business lending platform, connecting businesses requiring finance with investors seeking a secure and favourable return. ArchOver is approaching £100 million of funding for UK businesses and delivered Lender returns of up to 10% p.a..
Lending with ArchOver takes place over its secure online platform. Every loan listed on the platform has been pre-screened and approved by the experienced in-house credit team. The rate, loan term, loan security type and company details are listed, with Lenders making the final decision on which companies they would like to invest in. Invest on a loan-by-loan basis in multiples of £1,000, or in increments of £250 via its automated Investment Plan. Loan-by-loan investments earn interest between 6% and 10% p.a., and up to 6.4% via their Investment Plan. Interest is paid monthly from loan draw down date.
Companies that borrow over the ArchOver platform are UK-based, have been trading for a minimum of two years, and are seeking a minimum loan of £250,000. They must have an established management team and a proven business model based on trading business-to-business. Loans are for any business purpose, typically raising working capital, replacing invoice discounting or bank overdrafts. Loans are fixed term, for a fixed amount and at a fixed rate of interest.
ArchOver offers five lending services, each addressing security in different ways to suit the needs of the Borrowers and the appetite of the Lenders. ArchOver also has an IFISA.
ArchOver is a member of the long-established, privately-owned Hampden group, and is fully authorised and regulated by the Financial Conduct Authority under registration number 723755.