Manchester-based insurance group to use £5m investment to support growth and drive digital transformation
Freedom Services Group, an organisation comprising a group of motor-based insurance businesses, has secured a £5m loan from the alternative lender BOOST&Co to support its ongoing diversification and digitisation following a strong period of growth.
The Manchester-based company is working to revolutionise the insurance industry by providing a customer-centric approach that challenges the lack of honesty and transparency elsewhere in the market.
Spearheaded by serial entrepreneur Sam White, Freedom Services Group includes Action365, a provider of motor claims accident management services, that has recently been named in J.P. Morgan’s inaugural Top 200 Female-Powered Businesses report. Together with other key partners, Freedom Services Group has also recently launched a female-centric insurance company in Australia.
The £5m investment will be used to help Freedom Services Group expand its management team, implement new IT systems and support working capital, which will enable it to continue developing new propositions and further improve its digitalisation journey.
BOOST&Co is a provider of growth capital for innovative, fast-growth UK SMEs. The independent asset manager offers loans ranging from £1m to £10m, covering a wide variety of sectors, with a strong track record in technology, media, and telecommunications (TMT).
It has invested more than £500m across over 130 deals to date, and provided close to £200m under the government’s CBILS initiative in 2020 and 2021 to support UK SMEs during the Covid-19 pandemic.
Sam White, founder and chief executive of Freedom services Group, says: “We are delighted to be working with the team at BOOST&Co. Having experienced a number of frustrations with traditional banks and their approach to SMEs, it’s refreshing to work with an organisation that is committed to supporting north-west entrepreneurial businesses and is open to providing strategic, as well as financial, support. We couldn’t be happier to join the BOOST&Co stable.”
Ryan Sorby, head of the North and Scotland at BOOST&Co, added: “We are pleased to be able to support the Freedom Services Group, providing a funding package which will enable the team to invest across the business. This will place the company in a strong position for future growth and facilitate the continued development of its digital offering. BOOST&Co works hard to encourage diversity and has a majority of women in its senior leadership team, so we are proud to support an inspiring female founder in Sam.”