Posted on March 20, 2019 by staff

£100m fund launched to back SMEs


FinTech lender ThinCats has launched a £100 million funding programme for private equity-backed UK businesses.

Headquartered in Leicestershire, ThinCats has close to £1 billion of capital to invest and said it has seen increasing demand from private equity-backed businesses to fund larger-sized deals up to £15m.

The new programme follows a series of recent loans facilitated by Dave Sherrington, regional head of sales at ThinCats to businesses in partnership with private equity houses.

In January, ThinCats provided a £5m funding package for Flat Iron, a restaurant chain backed by consumer brands specialist Piper.

It has also worked with Revolve Technologies to help fund its retail and US expansion, backed by Rockpool Investments.

Damon Walford, chief development officer at ThinCats, said: “Our mission is to level the playing field for British businesses whose growth ambitions are being held back by traditional lending models.

“We have helped a number of private equity houses with both portfolio businesses and new investments over the past year and this new funding programme will provide valuable transparency, clarity and structure to support entrepreneurs with their immediate and longer-term growth plans.”

Rockpool partner Anthony Francis added: “It is encouraging to see ThinCats partnering with private equity houses to support SMEs that have often found it challenging to access appropriate credit solutions.

“Their approach should benefit British entrepreneurs looking for investment to grow. We look forward to working with ThinCats to support ambitious and innovative business across the UK.

Peter Kemp-Welch, partner at Piper, said: “We are increasingly seeing alternative funders in this space and enjoyed working with ThinCats.

“Their team really understood Flat Iron’s ambitions and built a package to support the business’s growth.

“We welcome this news and will continue to work together to support the next generation of entrepreneurs.”