Independent Growth Finance (IGF) has provided a £3.9m (€4.35m) funding facility to Essex-based card manufacturer Thames Technology.

The £3.9m was secured in the form of invoice discounting and plant and machinery.

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Mike Fletcher, ABL director for IGF, said: “Our core purpose is to support the growth aspirations of UK SMEs, yet many of the clients we work with are simultaneously facing both opportunities and challenges. This is where alternative finance can help. While many traditional lenders will only see the challenges, we saw a game-changing opportunity ahead of Thames that could be funded by secure assets. This enables the team to focus on doing what they do best in an extremely exciting market.”

Thames Technology develops, manufactures, personalises, and distributes payment, gift, loyalty, and commercial cards. It manufactures over 200 million cards every year, distributing them to over 60 countries. Customers range from government bodies and retail giants to fintech and holiday firms, with 30% of business generated by export.

Founded as a family run business in Rayleigh, Essex, Thames Technology employs 155 people.

Robin Hilton, chief finance officer for Thames Technology, said: “We were seeing an explosion of fintech across the market and opportunities to grow revenue. To take advantage of these opportunities we needed to undertake a complete company transformation. This was never going to be an easy task and relied on a financial partner to support our increased working capital requirements.”

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In May this year IGF provided a £1m invoice discounting facility for Supply Plus, a British manufacturer and supplier of firefighting and safety equipment.

Operating out of Cambridgeshire, Supply Plus consists of three brands AS Fire & Safety, Bayley and Collins Youldon manufacturing a range of products for both UK and international use.

Last month IGF has appointed a non-executive chairman. John Allbrook will take over from Matt Cooper, who served as chairman for the past three years.