16th June 2022
Crowd2Fund, founded in 2014, have appointed 3 new senior non-executive board members to introduce a more robust governance structure, which will bring the platform in line with market best practice as the start-up matures.
Mahmood Yusuf and Asoz Rashid, who are representatives of significant shareholders of the firm alongside Chris Hancock, the founder, have been formally appointed as non-executive directors (NED). Chris will remain CEO and an executive director. Hussain Qaragholi, the former managing director of Deutsche Bank, has been appointed to the board of directors and brings a new wealth of experience to the platform. The plan is to further expand the new board of directors with another non-executive director and the appointment of a chairperson to be announced soon. It is also envisaged that one of the NEDs will become an executive director in due course.
Asoz Rashid is a global entrepreneur with a background in the private sector and economic statecraft. He is currently the CEO of iQ, one of Iraq’s largest technology companies, where he is pioneering the country’s tech industry. Before iQ networks, Asoz was a diplomatic delegate to the World Trade Organisation (WTO). He has focused on leading and managing a varied portfolio, ranging between complex transnational infrastructure projects to innovative ventures within the entertainment, technology and finance industries. Asoz will continue to support the growth of the business but in a more formal non-executive capacity initially and his increased involvement is invaluable.
Hussain Qaragholi is a finance professional with 20 years of experience in corporate finance and investment banking. He is a senior advisor to the International Finance Corporation (IFC) on renewable energy infrastructure, manufacturing and fintech. He is an advisor to the Board of Realport A.G. a fintech digital asset management company in renewables. Hussain’s banking career spans international financial cities in New York, London and Dubai with Merrill Lynch, Citigroup and Deutsche Bank. Hussain’s finance experience and connectivity with investors and key decision makers will help guide the platform and embrace the international opportunities made available as we deploy the state-of-the-art FinTech capability.
Mahmood Yusuf is a seasoned Chartered Accountant (ICAEW) and carries the designation FCA. He holds an Advanced Professional Diploma from Pearson for Non-Executive Director. He is a director for a major shareholder and was instrumental in the initial review and subsequent investment in Crowd2Fund. Mahmood has an extensive professional background spanning multiple sectors including construction, energy, manufacturing, infrastructure and real estate. His accounting expertise as well as real-world business experience will bring a seasoned and multi-faceted view to the Crowd2Fund board.
The remit of the board is to ensure the company’s prosperity by collectively directing the company’s affairs, while meeting the appropriate interests of its shareholders and stakeholders. The board plans to reaffirm and support the company’s vision, mission, values, determine and review its goals, strategy, and structure, delegate authority to management, while determining monitoring criteria and ensuring that internal controls are effective.
Crowd2Fund has been successfully trading since 2014, funded more then 600 businesses and raised approximately £45m of investment capital for UK entrepreneurs and SME’s, while offering investors more than 6% average tax-free annual returns via the Innovative Finance ISA – significantly higher than savings held in cash ISA.
The technology and compliance focused platform have carefully refined and tested its unique investment methodology over the years. It has an extensive range of functional capability including an iOS app, secondary market and five different investments products to raise capital and invest. As a platform for entreprenures, the key differentiator allows exclusively private investors to choose the entrepreneurs and companies they want to back, rather than operating a pooled fund for business. This allows investors to build a carefully diversified portfolio. Businesses use the platform to build a community of investors who can help their businesses grow over the longer term.
Chris Hancock, founder and CEO said:
“I am totally delighted to have reached this important milestone. The appointment of this amazing senior talent at board level puts the platform on the right footing for the next phase of its growth, while embracing the challenge to mobilise private capital en masse to help drive economic growth. Our proven investment methodology can help power economic growth while operating in a high inflation environment successfully, alongside the more traditional financial sector.”
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