Capify, an online lender for small and midsize enterprises (SMEs), has received a £100m credit facility from Pollen Street Capital.
This financial injection is set to bolster Capify’s growth ambitions and provide essential working capital to thousands of SMEs in the forthcoming years.
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David Goldin launched Capify in the UK and Australia in 2008 during the global financial crisis to address the funding challenges faced by SMEs, a time when traditional banks were retreating from this sector.
The company aims to optimise its procedures and deliver even quicker decisions to brokers and SMEs through investment in its technology platforms and client experience.
Capify CFO/COO John Rozenbroek said: “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.”
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By GlobalDataPollen Street Capital investment director Ethan Saggu said: “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.”
In a strategic move to expand its market presence, last month, Capify appointed Mike Morris to lead its broker business in the UK.
Morris’s focus will be on nurturing the growth of Capify’s introducer relationships and improving its marketplace offerings.
In October 2023, Capify launched a £45m SME Loan Fund to offer loans ranging from £5,000 to £500,000 for any business purpose.
