UK-based online SME lender Capify secures £100m credit facility to meet increasing customer demand
Online SME lender Capify, has secured a £100 million credit facility from Pollen Street Capital, an alternative asset manager dedicated to investing within financial and business services. The new facility will support the lender’s ambitious future growth plans and provide working capital to thousands of SMEs over the coming years.
David Goldin, Founder and CEO, Capify: ''We are extremely excited about our future relationship with Pollen Street, a capital provider with a proven track record of partnering with impactful and innovative businesses. This deal represents another significant milestone for Capify and underlines the strength of our business model in providing fast, flexible and responsible support to SMEs in the UK and Australia.''
Capify was launched in the UK and Australia by David Goldin, against the backdrop of the global financial crisis, when many small and medium-sized businesses were struggling to access vital funding from banks. Founded initially in the United States, Capify was one of the world’s first online alternative financing companies for SMEs. Last year it was named the UK Credit Awards SME Lender of the Year (up to £1 million).
John Rozenbroek, CFO/COO, Capify: ''We are absolutely delighted to secure this financing deal with Pollen Street. The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to the growing number of small businesses in need of funding. We are passionate about the vital role SMEs play in the success of the UK economy. This new multi-year credit facility allows us to provide much-needed access to capital for SMEs to help them manage and prosper, whilst also enabling us to deliver on our own growth plans. With continued investment in our platforms and customer experience, we will streamline our processes and provide even faster decisions to brokers and SMEs. These enhancements underline our commitment to leveraging technology to meet the fast-evolving needs of small businesses, ensuring they have quick access to capital and can seize growth opportunities more effectively.''
Ethan Saggu, Investment Director, Pollen Street Capital: ''We are impressed by Capify’s seasoned management team and their enduring presence in the market. Since its inception in 2008, Capify has been at the forefront of online SME lending in both the UK and Australia, consistently demonstrating its commitment to the sector. Capify successfully addresses the needs of the underserved market segment, resulting from a chronic undersupply of bank financing, and promotes both financial inclusion as well as regional economic growth, aligning closely to Pollen Street Capital’s ESG framework. We are delighted to partner with Capify and support their ongoing growth.''
Its geographic range is matched by the diversity of industry it boasts, and with prominent cities including Brighton, Reading, Oxford and Southampton – as well as the UK’s second busiest airport in Gatwick – it’s no wonder it’s very much an engine of growth for the UK.
