Downing's new crowdfunding platform has reached its target 21 days ahead of schedule.
Downing launched the crowdfunding platform last month. with an asset-backed bond offering a fixed interest rate of 6.25% over a one year duration.
Julia Groves has decided to step down as founding chair of the UK Crowdfunding Association (UKCFA) to focus on her role at Downing, where she was put in charge of the platform at launch.
'We have major ambition in the crowdfunding space, and we are delighted to be bringing Julia on board, with her extensive experience in the sector,' said Downing chief executive Tony McGing.
'The success of our first bond is evidence of both our capability and market demand. There will be much more to come from Downing Crowd under Julia’s leadership in the months ahead.'
The board of the UKCFA is comprised of eight directors, one of whom will take up the chair on an interim role because this is permanently decided at the association's AGM this summer.
'Julia has been instrumental in growing the UKCFA into a truly diverse trade association representing 40 + peer to peer and crowdfunding platforms,' said Abundance Investments chief executive Bruce Davis, speaking on behalf of the UKCFA.
'Her tireless energy and fierce advocacy as chair will be sorely missed. We wish Julia well in her new challenge with Downing Crowd and thank her sincerely for all her efforts on behalf of the crowdfunding industry.'