Home Business NewsBusinessBanking News ThinCats breaks through the half a billion-lending mark

ThinCats breaks through the half a billion-lending mark

by Peter Smyth Tech Journalist
5th Aug 19 12:05 pm

ThinCats, the leading fintech lender today announces that it has surpassed the £500m lending mark.

After a record year in 2018, ThinCats has built on that momentum, lending over £200m in the last 12 months. This significant growth has, in part, been fuelled by ThinCats’ focus on medium-sized trading businesses (MTBs), who are largely overlooked in the SME lending space. MTBs are the engine of UK economic growth, with a far higher than average propensity to grow than the rest of the SME population.

ThinCats’ in-depth knowledge of this marketplace, backed by its pioneering use of data and technology, such as its risk modelling system, PRISM, has enabled it to create bespoke lending packages for the UK’s growing and ambitious MTBs.

ThinCats plans to continue unlocking new market potential, having already scaled up from its regional base in Ashby De-La-Zouch to open offices in London, Birmingham and Sheffield. These hubs are now being bolstered by the best SME lending talent, with a number of new hires in both its Credit and Business Development teams announced recently to serve its growing customer base.

Having secured lending capital in excess of £800m, with the majority from pension funds and institutions, ThinCats funds medium sized SMEs across the full risk spectrum from £250,000 to £15m.

John Mould, CEO, ThinCats said,“This is an important milestone for ThinCats, and one that we will continue to build upon. I’m very proud of our team and all that we have accomplished so far. By continuing to seek opportunities to plug the funding gap and compete with the banks, we will give growing SMEs the funding they deserve. It’s great to see that UK SMEs are continuing to invest in their futures despite Brexit uncertainty. I look forward to celebrating our next milestone.”

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