Innovate Finance has appointed Mike Carter as head of platform lending to manage the recently-established 36H Group.
The 36H Group was launched in January this year as the new peer-to-peer lending trade body, replacing the Peer-to-Peer Finance Association.
Membership of the group is open to all lending platforms that are authorised and regulated by the Financial Conduct Authority under Article 36H legislation. The members of the group to date are Assetz Capital, CrowdProperty, Funding Circle, Lending Works, RateSetter and Zopa.
Read more: New P2P body will not release member data
Carter has extensive experience in the alternative finance sector and the wider financial services sector, Innovate Finance said.
Following a career in investment banking where he advised financial services companies on strategy and raising, he has been closely involved with platform lenders for several years as a board member, adviser, angel investor and lender.
“I’m delighted to be appointed to this new role to promote the platform lending sector,” said Carter.
“To date the sector has delivered steady returns to investors through leading-edge technology and underwriting methods, while playing a meaningful role for borrowers to help fill the credit gap created by the last financial crisis.
“Obviously, in common with all other markets, the immediate priorities of the sector are to manage their businesses through this unprecedented economic storm while still serving their customers, and many of the platforms have already implemented measures to combat the downturn.
“I look forward to working with the 36H members as well as the FCA and other stakeholders to navigate the sector through this crisis, and beyond.”
“Innovate Finance is committed to supporting forward-thinking UK fintech innovators like those in the platform lending sector,” said Charlotte Crosswell, chief executive of Innovate Finance.
“I’m delighted to welcome Mike to our team to help manage the 36H Group, with his experience and personal knowledge of the sector and the wider financial services market.
“Innovate Finance has been calling for the government to use UK fintechs to help deliver emergency funding during the Covid-19 crisis, and the platform lending sector has a vital role to play in delivering this much-needed funding to small- and medium-sized enterprises and the self-employed.”