The SME focused P2P lending platform ThinCats now loans up to £10m to firms.
ThinCats has announced a new funding deal for up to £300m with global asset manager Insight Investment to fund UK SMEs with commercial loans.
Insight Investment has more than £600bn of assets under management and is a part of BNY Mellon group. On top of £300m from existing investors, ThinCats now has a potential £600m to fund UK SMEs with loans now from £100,000 to £10m.
ThinCats says its lending focus provides funding of up to five years to companies with asset backing or reliable cash flows normally to meet working capital, acquisition, refinance or growth demands.
“We have responded to a market need to provide lending at a cost of capital that reflects the lower risk associated with established strong businesses and thereby offer a real alternative to bank funding. By combining big data and technology, with dynamic credit and client servicing skills, we are simplifying traditional lending models."
Shaheer Guirguis, Head of Secured Finance at Insight Investment says that in an era in which banks are retrenching from certain lending markets due to regulatory considerations institutional investors such as pension funds and insurance companies can step in.
“Our secured finance strategy continues to seek compelling assets that provide our clients with complexity premium above comparably-rated corporate credit securities.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.