Shortly after leaving ETX Capital, the broker’s former CEO, Arman Tahmassebi publicly announced via LinkedIn that he’s venturing into another branch of the fintech industry. His new role is as COO of LendInvest.
The transition for Tahmassebi comes after he spent almost two decades in the retail brokerage industry in various roles. His most recent stint at ETX Capital as COO and CEO was preceded by a COO role at LCG and almost fifteen years at IG Group in various positions.
Tahmassebi’s move comes amid growing regulatory pressure over the sector which has caused multiple London-based brokerage houses to reshape their executive teams.
LendInvest IPO Prospects
Last year, alternative investment fund platform LendInvest raised close to £30 million in a pre-IPO funding round. The company is bridging the gap between lenders and borrowers with a specific focus on the property sector.
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As a non-bank mortgage lender, LendInvest has lent over £1.5 billion and is providing an important source of funding for buy-to-let SMEs. The company’s platform also enables individuals, corporates and institutions to invest into secured property loans in the UK.
Tahmassebi is joining the firm in the run-up to a prospective IPO listing, which the company hinted in September last year after its Series C funding round. The company has been consistently profitable over the past several years, making its business proposition attractive.
Non-bank lending has been gaining ground since the dawn of the industry in the aftermath of the GFC of 2008. A number of companies, especially in the UK took on the opportunity to provide alternative financing to businesses via a growing number of lending platforms.
Late last year, the CEO and confounder of LendInvest, Christian Faes said that the company’s plans for an IPO are still a year or two away. The company appears to be looking for the Brexit clouds to dissipate before taking its next step.