Fintex Capital has backed UK small and medium-sized enterprise (SME) lender multifi with a revolving credit facility of up to £15m.

The facility will enable multifi to expand its lending to UK SMEs by providing working capital finance and term loans, according to Fintex Capital.

Specialist fintech lender multifi was founded in 2023 and has since provided more than £40m of loans to UK businesses. The firm is targeting £100m of lending over the next three years.

“With Fintex Capital’s backing, we are ready to scale up and take multifi to the next level: we expect to provide more than £100m of debt finance to UK SMEs over the next three years, helping more businesses access the working capital and growth financing they require,” said Rob Keown-Boyd, chief executive of multifi.

Read more: Fintex Capital expands debt origination team

Multifi aims to address the funding gap facing UK SMEs, which remain underserved by traditional lenders. It offers businesses access to credit through fixed-rate lending, fast payments and a streamlined process.

Read more: Fintex Capital appoints new head of business development

“Fintex has funded UK SME lenders before and understands the critical role non-bank lenders like multifi play in expanding access to finance, particularly as traditional banks have withdrawn from important segments of the SME lending market,” said Robert Stafler, chief executive of Fintex Capital.

“As a data-driven asset manager, disciplined underwriting is fundamental to our approach; multifi’s strong multi-year track record and analytical risk management framework are qualities we appreciate in a lending partner,” he added.

Founded in 2016, UK-based Fintex Capital is a private debt financing firm and has deployed £400m across the UK, Europe and the US.

Read more: Fintex chief warns direct lending is in danger of becoming “oversubscribed”