SME funder ThinCats hits £1bn funding milestone
ThinCats, an alternative finance provider to mid-sized SMEs, has announced that the company has provided more than £1bn in total business lending. Following on from record levels in 2020, lending volumes have continued strongly during the first half of 2021.
ThinCats recently announced a strategic investment in the company of £160m from Wafra Capital Partners which will enable ThinCats to lend a further £2bn to businesses across the UK.
Currently around 60% of ThinCats’ loans support businesses outside of London and the South East with 74% structured as cash flow loans.
Amany Attia, CEO ThinCats said: “Mid-sized SMEs have been underserved in terms of funding options for too long, so we are delighted to be providing a genuine alternative. Our model of creating bespoke funding solutions by combining the latest in data analytics with traditional lending at a local level has been well received by the professional advisor community and we thank them for their continued support.
“Whilst lending £1bn is a significant milestone, the recent investment from Wafra Capital Partners will enable us to substantially accelerate the number of businesses we can support in the future. Mid-sized businesses recognise the need to invest as the economy picks up again and we look forward to supporting many more with their growth ambitions.”