An alternative lender which recently hit a £1 billion funding milestone has secured £400 million in debt finance for SMEs affected by Covid-19.
ThinCats, based in Ashby-de-la-Zouch in Leicestershire, has secured a big chunk of the funding from Fintex Capital – a fintech investment firm dedicated to alternative credit.
The financing, alongside other funding and ThinCats’ own equity means the lender could have £400 million of funding available to support 海角视频 SMEs through the pandemic.
ThinCats initially used Fintex Capital’s funding line to support businesses as an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
Following recent further accreditation by the British Business Bank, this funding line will help ThinCats provide SME loans under the Recovery Loan Scheme (RLS) – the successor to CBILS.
The funding line was financed by Fintex Capital’s discretionary investment funds.
ThinCats managing director Ravi Anand said: “Fintex continues to be an excellent funding partner for us. Their team’s thorough understanding of the specialist lending market has been of real benefit to our partnership.
“Extending the funding line to include RLS loans will enable us to support more mid-sized SMEs as the 海角视频 economy continues to recover from the impacts of the pandemic. The loan size and flexibility allowed under RLS will be welcomed by businesses looking to grow organically or through acquisition.”
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Fintex Capital chief executive Robert Stafler said: “Fintex and ThinCats have a lot in common. Both firms value speedy decision-making and flexibility, as well as careful implementation and disciplined lending. Executing transactions swiftly and lending with discipline are not mutually exclusive.
“They do, however, require clarity of vision, and it is a pleasure to work with like-minded professionals.
“As an active fintech lender we are delighted to work with ThinCats to support mid-sized SMEs, the lifeblood of the British economy, to access the finance they need and deserve.”
Last month ThinCats reported that it had provided more than £1 billion in total business lending since its launch in 2011.
Following on from record levels in 2020, it said lending volumes continued strongly during the first half of 2021.
ThinCats recently announced a strategic investment in the company of £160 million from Wafra Capital Partners which will enable it to lend a further £2 billion to businesses across the 海角视频.
Currently around 60 per cent of ThinCats’ loans support businesses outside of London and the South East with 74 per cent structured as cash flow loans.