Cornwall-based peer-to-peer business lending platform Folk2Folk has appointed a new chief executive.
Kawai Chung has taken over the top job at the Launceston-based company from managing director Roy Warren who is retiring. Mr Warren will join the board as an independent non-executive director in January.
Under Mr Warren's leadership, Folk2Folk has deployed more than £780m in property-backed loans to small businesses across the Ƶ.
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.”
Mr Chung has held senior leadership roles at challenger banks, private equity firms and investment managers, including SilverRock Financial Services (now part of GB Bank), Intriva Capital and ARA Venn.
His expertise spans capital markets, SME lending and structured finance. He is a chartered accountant and holds degrees from the London School of Economics and University College London.
He said: “I’m honoured to be joining Folk2Folk at such a pivotal moment. The business has carved out a distinctive space in Ƶ finance, and I’m excited to build on that legacy. My focus will be on broadening our reach, strengthening our proposition, and continuing to deliver value for both borrowers and investors.”
The company has also appointed Claire Richards - its current head of operations - as executive director designate, subject to FCA approval.
Folk2Folk, which also has an office in Gloucester, passed the £700m lending milestone last year.
The business was founded in 2013 and helps Ƶ business owners access finance while providing fixed-rate, property-backed returns to retail and institutional investors.
