multifi, a tech startup focused on SME lending in the UK, has secured a capital injection of £10 million.
It aims to offer simplified access to credit, targeting industries such as wholesale, manufacturing and logistics.
The funding comes from Fasanara Capital, a London-based asset manager and technology platform with assets totalling $4 billion.
The funds will support the growth of UK businesses, enabling them to access a credit facility of up to £200,000. The financing model includes a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit.
The company will collaborate closely with a network of introducers and partners to introduce the product to the market.
“Fasanara is committed to supporting the UK SMB ecosystem through funding partnerships with lenders like multifi,” said Matt Kus, head of origination for developed markets at Fasanara.
“As a quantitatively focused asset manager, we are excited by multifi’s prudent risk control framework which heavily leverages technology, enabling it to provide working capital finance to UK SMBs via flexible facilities that can be paid out quickly.
“We are confident that our partnership with multifi will enable them to effectively scale a portfolio providing much needed funding to UK SMBs, the backbone of the UK economy.”
Rob Keown-Boyd, CEO of multifi, said: “Business finance is overly complex, often leading to immediate rejection for enterprises needing funding. We aim to revolutionise this process by simplifying access to finance.
“Our straightforward platform allows businesses to ascertain their borrowing capacity instantly, and with the initial £10m secured, we are eager to support the growth of SMBs across the UK. We are committed to taking the faff out of finance.”