LendingCrowd boosts team as deals grow post-Brexit

Alternative finance provider LendingCrowd has appointed a new director of operations amid record deal activity following the EU referendum.

LendingCrowd operations director Michael Allan, right, with chief executive Stuart Lunn. Picture: Stewart Attwood

The Edinburgh-based firm, co-founded by chief executive Stuart Lunn, said Michael Allan joins from IT analytics specialist Sumerian, where he was most recently chief operating officer.

Lunn said: “Michael’s appointment is great news for the business as we enter our next phase of growth, bringing experience of building an excellent team, product development and scaling the business over many successful years at Sumerian.”

The move comes as LendingCrowd said it had seen a “steep increase” in deal flows last month as investors seek out higher returns amid the low interest rate environment.

“Deal activity reached record levels during July, with a definite post-Brexit effect in the corporate deal-making market following on from June’s EU referendum,” Lunn said.

“What is also noteworthy, on the back of widely predicted interest rate cuts, is that more investors are signing up to invest on the platform.”

Since its launch in 2014, LendingCrowd has facilitated loans totalling more than £6 million, with deals ranging in size from £20,000 to £1m-plus.