Propel Finance, a UK-based asset finance provider for SMEs, has reportedly secured a new £1.5bn funding round to expand its lending capabilities across the country.
The funding was backed by a range of financial institutions, including Barclays, Bank of America, Citi and the British Business Bank, according to a report from FinTech Finance News.
Legal advice was provided by Ashurst and Blake Morgan, with Interpath acting as advisers on the mezzanine facility.
Propel Finance helps small and medium-sized enterprises across the UK access financing for manufacturing, transport, and construction equipment, as well as technology and telecoms solutions.
Propel Finance CEO Mark Catton said, “We are thrilled to have secured this transformative £1.5 billion in funding availability, helping us accelerate our growth and support for our partners and SME customers. We are delighted to work with an outstanding panel of institutional lenders and are incredibly grateful for their exceptional support and confidence in the Propel team”.
Bank of America director of structured finance Andrei Cotonet said, “We see significant opportunity in the UK asset finance sector and are proud to support Propel’s continued expansion and growth with this strategic funding line. We look forward to seeing the positive impact this partnership will have on businesses across the UK”.
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