Capify, an SME lending platform, has closed an equity round on £8m from Goldman Sachs Merchant Banking through existing credit facilities.
Founded in 2008, the UK-based company offers a variety of business loans starting from £5,000.
Capify founder and CEO David Goldin said, “The fact that we were able to raise £8m for an online small business lender in the midst of a global pandemic from sophisticated investors with industry experience speaks to Capify’s business model, the unprecedented opportunity ahead of us and its management team.â€
The FinTech is anticipating a surge of businesses reaching out for funding as they look to curb the impact of the coronavirus pandemic. The company’s CEO states that while many have been getting financing from government-backed loans such as the CBILS and Business Bounce Back Loan Scheme, many will need access to more capital.
Capify COO and CFO John Rozenbroek said, “It is crucial at this time that small businesses are aware of alternative funding solutions to support cash flow or invest in their future. Capify is one of the few online SME lending platforms in the marketplace that can actively provide non-government backed business loans at scale to SMEs seeking working capital to grow their business.â€
The FinTech previously raised a £75m credit facility from Goldman Sachs last year to support the rising demand of customers.
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