Image credits: Propel Finance
Propel Finance, a London-based asset finance lender, announced on Tuesday its first private securitisation as part of a £500M (approximately €592M) financing round.
Mark Catton, CEO of Propel, says, “We are thrilled to have completed this latest funding transaction, which marks this latest stage of Propel’s growth in our mission to provide accessible finance to SMEs across the UK. We are an important funding partner of the British Business Bank and are excited by the growth opportunities the new funding lines with Citi and Quilam will provide. I should also acknowledge the Propel team’s brilliant work in completing this transaction.”
Out of £500M, Citi has structured a £275M private securitisation facility. Apart from it, Quilam Capital has provided an additional £35M mezzanine and working capital facility to partially refinance Propel’s existing British Business Bank ENABLE funding facility and support further growth.
The company says it is expanding and diversifying its funding base to support UK SMEs. Propel Finance has previously raised money from the British Business Bank through multiple funding rounds.
The British Business Bank will continue to be an important funding partner for Propel, with the ENABLE Funding facility that will allow Propel to provide £165 million of finance to SMEs across the UK.
The announcement comes after securing strategic partnerships with Barclays Business Bank, accountancy firm Azets, and global technology leader Samsung to provide over 1M SMEs with access to fast and flexible finance to acquire equipment and vehicles.
Propel Finance: What you need to know
Founded in 1996, Propel Finance was established to provide flexible and accessible finance to SMEs across the country. To date, the company has helped more than 40,000 businesses access finance to purchase business-critical equipment and vehicles quickly and easily.
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions at the British Business Bank, says, “We are delighted to be supporting smaller businesses via our ENABLE Funding programme and for Propel Finance to enter this next stage of its development. This first refinancing transaction, alongside the continued funding via ENABLE, will allow Propel to provide smaller businesses with greater access to a wider range of finance options and help create a more diverse finance market.”
Propel Finance claims its growth rate has surged to 92 per cent over the last year.
Jordan Blakesley, Director at Quilam Capital, says, “Quilam is delighted to have helped facilitate the transaction and provide additional growth capital to Propel Finance. This reinforces our commitment to supply larger businesses with the capital to unlock their growth potential. Propel is a rapidly growing asset finance lender, and we are pleased to be involved in their journey.”
Catch our interview with Paul Down, Head of Sales at Intigriti.
![Read more about the article [Funding alert] Tech startup Goodmeetings raises $1.7M in pre-Series A round led by Chiratae Ventures](https://blog.digitalsevaa.com/wp-content/uploads/2021/07/funding-1625115361141-300x150.png)
