ThinCats, an online peer-to-peer secured lending platform for UK SMEs, announced a significant funding programme, in association with its parent company ESF Capital.
According to BQ Live, this is a £200 million funding programme which includes £30 million already committed by ESO Capital, and £70 million concluded with Waterfall Asset Management,
“This additional investor base will allow us to significantly increase funding for small businesses’ expansion, acquisition or refinancing plans. Our focus on providing amounts up to £5m based on assets and reliable cashflows means we occupy a space where traditional providers ‘can’t work’ rather than ‘won’t work’,” the platform's Chief Development Officer Damon Walford told Real Business.
ThinCats recently passed the £250 million milestone in funds lent. The new money is institutional money, which will ben lent alongside the funds of ThinCats retail investors. It will improve the stability of ThinCats, and allow it to make loans loans as large as £5million. P2P Finance News reported the loans will target growing companies with asset backing and reliable cashflows, including acquisition finance, across all regions and sectors in the UK.