Fleximize Gets £16.3m Funding for SME Lending
- Retail Banking
- 13.04.2017 10:00 am
Today Fleximize, the UK’s first revenue-based finance provider, reported that it has closed a new financing facility of £16,300,000 from Hadrian’s Wall Secured Investments Limited, a specialised investment fund.
The initial round of funding will allow Fleximize to substantially increase its lending capacity, and propel it towards its goal of lending over £100 million to SMEs by 2019. It will also help the company further develop and diversify its product offering, and continue to deliver its mission of first-class customer service by advancing its proprietary technology platform with the introduction of dedicated areas for brokers and direct clients.
Between 2015 and 2016, Fleximize grew its lending to SMEs by 132% to £40 million, a figure that the company is looking to double in 2017 as it rolls out its new secured loan product. Companies can now borrow up to £250,000 from Fleximize on an unsecured basis, and up to £500,000 on a secured basis.
Peter Tuvey, co-founder and managing partner of Fleximize, said: “The chancellor described SMEs as the lifeblood of the UK economy in his spring budget, and we witness that every single day here at Fleximize. From Shelley Dickinson, owner of the award-winning Shelley’s Pie and Mash Shop, to Polly Thompson, managing director of bespoke bridesmaid dress retailer, Nabbd, our clients are representative of the hands-on, hardworking and dedicated entrepreneurs that are driving the UK forward.”
Peter added: “It’s been an incredibly positive start to 2017 for Fleximize, with our lending to SMEs in all sectors growing at a substantial rate. It has been a pleasure working with Hadrian’s Wall Capital Limited. We’ve valued their proactive and fast-paced approach to supporting us. This additional access to funding will fuel our capability to support businesses requiring capital in an unpredictable economic climate, while allowing us to expand our excellent team. We’ve already made a number of key hires this year, including former HSBC and Aldermore senior manager Craig Farmer as chief risk officer, and we are looking to increase our headcount further in the coming months.”
Marc Bajer, chief executive at Hadrian’s Wall Capital Ltd, investment adviser to the fund, said: “We’ve been impressed by Fleximize’s growth over the past three years. It is rare to find such a focused and technology-enabled lender in the SME alternative finance sector. We were impressed with the commitment to transparency with its customers. We look forward to working closely with Peter and the team, and supporting the company on the next stage of its exciting journey.”