Ex-FundingSecure owner resigns from CrowdLords
A former director and stakeholder in defunct peer-to-peer lending platform FundingSecure has stepped down as a director of CrowdLords after three-and-a-half years.
Businessman Raj Kumar was appointed as a director of CrowdLords on 2 April 2019 and resigned on 1 November 2022, according to documents filed with Companies House.
Kumar joined P2P pawnbroker FundingSecure in October 2018 and acquired a 75 per cent stake in the business. FundingSecure’s founders said at the time that the money would be used to support the platform’s growth plans, but it collapsed into administration in October 2019.
FundingSecure said at the time of Kumar’s appointment that he has more than 25 years of experience in running and building value in a variety of companies, including property development, travel, industry, education and the food sector.
In January this year, CrowdLords revealed that it was in discussions about a merger, although no announcement has been made since then.
The property investment platform was operating as an appointed representative of ShareIn, but opted to cease regulated activity in 2020 due to the ban on the marketing of speculative illiquid securities.
Chief executive and co-founder Richard Bush told Peer2Peer Finance News in January that the firm had “a positive year”, and is focused on managing its existing investments through to completion and arranging investments for high-net-worth and sophisticated investors only.
CrowdLords has been contacted for comment.