Scottish peer-to-business crowdlender LendingCrowd has appointed Fraser Lusty as head of business development.

Lusty (pictured) has  over 30 years of business development experience and will be responsible for driving LendingCrowd’s ambitions in the fast-growing alternative funding sector.

He joins LendingCrowd following work with Edinburgh Chamber of Commerce and Equity Gap. He will be responsible for managing a range of platforms aimed at attracting investment to support SME business growth while maintaining his ongoing position at Equity Gap.

Lusty said: “Crowdlending platforms in the alternative finance sector are increasingly being seen as credible alternatives to the more traditional forms of funding, such as the banks.

“There is a huge market out there both for investors and businesses looking for finance, such as SMEs, and I’m looking forward to building on LendingCrowd’s successes in order to capitalise on the many opportunities in the peer-to-business sector both in Scotland and the wider UK.”

Since its launch in September last year, LendingCrowd has facilitated almost £1m of loans across its platform, with over 500 people signed up as investors.

Stuart Lunn, CEO of LendingCrowd, added: “As we continue to grow our business apace, Fraser’s extensive business and investment knowledge, expertise and connections will be invaluable.”