UK-based alternative finance company Capify has today secured a £100M credit facility from alternative asset manager Pollen Street Capital.
The raise marks a change in Capify’s main source of capital, previously Goldman Sachs.
Capify, based in Altrincham just outside Manchester, is a lender to SMEs seeking working capital to sustain or grow their business. It was launched in the UK during the global financial crisis when many small and medium-sized businesses were struggling to access vital funding from banks.
The new facility will support future growth plans and provide working capital to thousands of SMEs over the coming years. With the funding, Capify plans to launch the next version of its technology platform, which promises to streamline processes and provide quicker decision-making for brokers and SMEs.
“We are extremely excited about our future relationship with Pollen Street, a capital provider with a proven track record of partnering with impactful and innovative businesses. This deal represents another significant milestone for Capify and underlines the strength of our business model in providing fast, flexible and responsible support to SMEs in the UK and Australia”, said David Goldin, Founder and CEO of Capify.
“We are absolutely delighted to secure this financing deal with Pollen Street” added John Rozenbroek, CFO/COO at Capify. “The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to the growing number of small businesses in need of funding.
“We are passionate about the vital role SMEs play in the success of the UK economy. This new multi-year credit facility allows us to provide much-needed access to capital for SMEs to help them manage and prosper, whilst also enabling us to deliver on our own growth plans”.
