Capify secures £100m credit facility from Pollen Street
Alternative lender Capify has received a £100m credit facility from asset manager Pollen Street Capital to meet growing demand for its financing products.
Capify will use the funds to offer more funding to small- and medium-sized enterprises (SMEs) in the UK and Australia over the coming years.
“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,” said David Goldin, founder and chief executive of Capify.
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“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.”
John Rozenbroek, chief finance officer and chief operating officer at Capify added that the new 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,” Rozenbroek added.
“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.
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“With continued investment in our platforms and customer experience, we will streamline our processes and provide even faster decisions to brokers and SMEs.
Pollen Street Capital’s parent company Pollen Street Group recently upgraded its guidance for growth of its assets under management (AUM), after reporting strong progress against fundraising targets and increased profits in its annual results.
The asset manager invests across both private credit and private equity opportunities, and had AUM of approximately £4.2bn as at 31 December 2023, up from £3.4bn the previous year.
“We are impressed by Capify’s seasoned management team and their enduring presence in the market,” said Ethan Saggu, investment director at Pollen Street Capital.
“Capify successfully addresses the needs of the underserved market segment, resulting from a chronic undersupply of bank financing, and promotes both financial inclusion as well as regional economic growth, aligning closely to Pollen Street Capital’s ESG framework.
“We are delighted to partner with Capify and support their ongoing growth.”
Read more: Pollen Street lifts guidance after 2023 growth beats targets