P2P lender set to disrupt the mortgage market
The three investors are Derek Zissman, former vice-chairman of KPMG and former member of Barclays Wealth advisory board; Sir John Hegarty, advertising executive and founder of agency Bartle Bogle Hegarty and experienced venture capital investor Tom Teichman.
The trio, who are roughly equal shareholders, will sit on the eMoneyUnion board alongside risk and compliance consultant Richard Farr.
Lee Birkett, eMoneyUnion’s founder, said: “This is a real coup for the business. It is testimony of our credibility and opportunity that we can bring such great people to be part of the union.”
“This is stage one of a six to 12 month rollout of developments of investments. It’s taken us six months to bring this team together.”
He added: “We’re looking to disrupt mortgages. There is a mountain of asset rich and cash poor homeowners out there.
“We can do everything traditional banks and building societies can do, only better. We are there to serve borrowers and lenders, not sell to them.
“If we can make sure they can help each other easily, we can become the new financial co-operative movement.”
eMoneyUnion currently offers loans between £2,000 and £500,000.
Peer-to-peer lending is predicted to become a £45bn on market on the back of government incentives, new legislation, technology and consumer appetite.
Zissman said: “eMoneyUnion has the credentials to make a success of this exciting opportunity.”
Sir John added: “I can’t think of a market more ripe for disruption, nor a company better placed to do it.”
And Teichman said: “We liked eMoneyUnion of all the P2P players we met because they felt the most financially savvy and experienced.”