Heavyweight joins board
Ex-Standard Life chief Crombie takes chair at Lending Crowd
Stuart Lunn and Sir Sandy Crombie
Former Standard Life chief executive Sir Sandy Crombie has joined the board of Scottish crowdlender LendingCrowd as chairman.
Sir Sandy was also a senior independent director at Royal Bank of Scotland until stepping down in December.
Stuart Lunn, co-founder and CEO of Lending Crowd, said: “Attracting such an experienced and highly-rated individual as Sir Sandy is a validation of our approach to building a long-term, sustainable model capable of being scaled in a high-growth sector.
“We have a strong focus on financial processes, regulation and compliance and Sir Sandy will bring invaluable knowledge and expertise around these issues and in supporting our strategic aims. I look forward to a positive, collaborative relationship with Sir Sandy as we drive scale into our business.”.
Sir Sandy joined Standard Life in 1966 and became group chief executive of Standard Life in 2004. He led the company to a stock market flotation in 2006 and retired from his post in 2009.
He is also the Chairman of Scottish civil justice startup, Amiqus.
He said: “Lending Crowd has made impressive strides in a relatively short space of time, supporting the growth ambitions of hundreds of businesses.
“This is an exciting time for the business and I look forward to working with Stuart and the rest of the team as the platform scales and delivers even more benefits to SMEs, which are the backbone of both the Scottish and UK economies.”
LendingCrowd’s proposition centres on a blend of traditional banking, finance skills and experience, with a strong foundation in technology, using a proprietary platform that matches borrowers with investors.
It was set up in 2014 and has facilitated more than £45m of loans to more than 500 SMEs across the UK. In 2015 it provided funding to health food company Diet Chef in what was one of the largest peer-to-business funding deals.
In March this year it secured external funding of £2.2 million led by angel syndicate Equity Gap and including the Scottish Investment Bank and a number of prominent private investors from Scotland’s entrepreneurial and finance sector.
The platform, which is fully authorised by the Financial Conduct Authority, reported a record first half.
Update – 3 Oct: Edinburgh-based investment manager Cameron Hume has appointed Sir Sandy Crombie as chairman.
Launched in 2011 by directors Chris Torkington and Guy Cameron, Cameron Hume now has 12 staff and $750m assets under management.
The firm provides active management of fixed income investments for institutional clients.