Branch-based P2P lender expands national footprint

Folk2Folk branches out into four new regions and appoints new CMO.

Folk2Folk, the peer-to-peer lender famed for its branch network, is expanding into four new regions: Dorset, East Anglia, Cheshire and Gloucestershire. The firm has hired a quartet of new business development managers, one for each region, whose jobs it will be to generate traction for the peer-to-peer lender. The four men have 90 years of business and commercial banking experience between them.

Folk2Folk’s modus operandi is to open a branch in any new region that it enters into, but none have been opened in tandem with this latest expansion. We are told that branches will come later, if significant momentum is deemed to have been generated by its new hires.

A further six business development manager roles are set to be filled by the end of the year, as Folk2Folk ploughs on towards its lofty target of £1bn in cumulative lending by 2020.

The firm has also announced the appointment of Giles Cross as chief marketing officer. Cross most recently led the marketing department at wealth management business Sanlam UK, and has also worked at The English Mutual Group.

Commenting on his appointment, Cross said that the future of financial services is very clearly moving towards a “human-to-human” approach.

Jane Dumeresque (pictured), Folk2Folk’s CEO, said: “I’m delighted to welcome Giles to the Folk2Folk team. His expertise across business development, marketing and communications will be invaluable in our next stage of growth. His passion for driving customer led businesses will help Folk2Folk stand out from the crowd as we expand across the UK, taking our human-to-human approach to finance, brand awareness and product offerings to both local businesses and investors.”

Folk2Folk became one of the first peer-to-peer lenders to be fully authorised in December of last year, paving the way for the launch of an Innovative Finance ISA.