Equipal, a UK-based tech-enabled business equipment funder, has secured £16.25m in combined equity investment and forward flow funding from Altum Capital Management, an institutional credit fund, to accelerate its growth in the UK asset finance market.
The deal comprises a £1.25m equity injection alongside a £15m forward flow facility, the latter consisting of initial full lease funding and contingent junior funding. Altum Capital provided both components of the transaction.
The funding comes at a difficult period for platform lending and the broader private credit market, where many smaller platforms have been constrained by investors pulling back. Altum Capital structured the transaction conservatively, with strong credit enhancement and robust legal and corporate protections, while backing equipal’s credit capability, business model and growth plans.
Equipal runs a proprietary platform embedded at the point-of-sale with more than 75 equipment vendors across the UK, enabling businesses and vendors to arrange fast, fully digital asset finance for equipment purchases of up to £250,000. The company serves sectors including manufacturing and transport, financing hard assets ranging from CNC machines to coaches across terms of up to five years.
Founded by former investment banking professional Eamonn McMahon and soft launched in 2021, equipal was built to modernise what has traditionally been a slow, email-heavy process. Its fully integrated digital platform competes directly with the incumbent asset finance industry by making the process faster and less burdensome for both vendors and their customers.
The company has recorded a default rate of 1.26% and zero credit losses since launch, with 69% of customers who have used the platform once returning to arrange further finance. The new funds will be used to support continued growth, including headcount expansion across business development, marketing, operations, credit and data, with the team expected to reach 12 people within the next year.
Equipal founder Eamonn McMahon said: “I’m thrilled to get this deal over the line. While the market environment has been challenging, our operating resilience and discipline on credit, while keeping the customer front and centre, has helped us get here. The structure of this deal allows for additional scale with senior funding in the years ahead and critically, provides us with operating flexibility. We look forward to scaling up, in partnership with our new shareholders and funders, Altum Capital.”
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