ThinCats lends over £300m in 2022
Alternative finance provider ThinCats lent £302m to businesses in 2022, down on 2021’s record £318m, while assets under management hit a record £675m.
“During the year we continued to invest across all areas of the business to enable us to deliver much higher levels of funding over the next few years as we aim to grow our loan book to more than £2bn,” said chief executive Amany Attia.
“Businesses showed their resilience and capacity to make the most of new opportunities during the pandemic and they are doing the same with the current set of economic challenges. Contrary to what current media headlines may suggest, many mid-sized businesses continue to perform well, even in challenging sectors such as leisure and hospitality. From our perspective, demand for funding to support both M&A and organic growth remains strong which is shown in our pipeline for the first quarter of 2023 being at record levels.”
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ThinCats is set to unveil new initiatives this year to support mid-sized technology and healthcare businesses and to provide more loans above £10m, she added.
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Attia said that economic uncertainty means that high street banks may become less keen to lend pushing more businesses towards debt advisory firms for help in securing funding. “As one of the alternative lenders most recommended by advisers we look forward to supporting even more businesses during 2023,” she said.
ThinCats has lent more than £1.3bn to businesses across the UK since it opened for business in 2011. It is no longer a P2P lender, having withdrawn from the market in 2019 to focus on institutional investment.
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