Peer-to-peer business lender FOLK2FOLK has appointed Kawai Chung as its new chief executive officer, succeeding Roy Warren who is retiring from the day-to-day running of the company after six years in charge.
Warren, who became managing director in 2019, will remain with the business until January before joining the board as an independent non-executive director. He will support the transition over the coming months.
During his tenure, FOLK2FOLK delivered six consecutive years of profitability and expanded its reach from a regional challenger into a recognised national player in alternative finance.
Since its launch in 2013, the company has facilitated more than £780 million in property-backed loans to small and medium-sized enterprises, with a focus on supporting rural and regional businesses overlooked by mainstream banks.
Tim Sawyer, chairman of FOLK2FOLK, said: “Roy has steered FOLK2FOLK through a transformative period, delivering consistent profitability and embedding the values that set this business apart.
“We’re grateful for his leadership and pleased we’ll continue to benefit from his insight and experience on the Board. At the same time, we’re delighted to warmly welcome Kawai as CEO.
“His depth and breadth of experience in financial services and alignment with our mission make him the right leader to take FOLK2FOLK into its next chapter.”
TRACK RECORD
Chung joins with more than two decades’ experience in financial services, having held senior roles at challenger banks, investment managers and private equity firms including SilverRock Financial Services, Intriva Capital and ARA Venn.
A chartered accountant, he has specialised in capital markets, SME lending and structured finance, and has a track record of scaling lending businesses and building investor confidence.
Speaking on his appointment, Chung said: “I’m honoured to be joining FOLK2FOLK at such a pivotal moment. The business has carved out a distinctive space in UK finance, and I’m excited to build on that legacy.
“My focus will be on strengthening our lending proposition, deepening our broker relationships, and continuing to deliver value for UK SMEs and their introducers.”
The company also announced that Claire Richards, its head of operations since 2018, has been named executive director designate, subject to regulatory approval. Her appointment is intended to strengthen operational expertise at board level.
