By Roger Baird on 22nd January 2019
The small business lender has financed 22,000 firms across 400 sectors since 2002.
Small business lender Boost Capital has refinanced its credit facility lifting its funding capacity to $60m, as its US parent targets European growth.
The Chelmsford-based platform, which provides business loans and merchant cash advances, said it upped its credit firepower from $40m after signing a deal with New York-based investment firm Atalaya Capital Management.
Boost Capital is the UK arm of Florida-based BFS Capital, which announced its lending has topped $2bn since the business began 17 years ago.
BFS Capital chief executive Mark Ruddock told AltFi today: “The UK is one of our key growth markets and a stepping stone for a broader European play.”
Since 2002 the parent platform said it has provided financing, of between $5,000 and $500,000, to 22,000 small businesses across 400 different sectors in the US, Canada and the UK.
Ruddock added: “This is a major originations milestone. In 2018 we enhanced our sales and marketing programs and made significant advances in our underwriting models so that we could better serve small businesses.”
The business expanded its management team in November, which included hiring chief risk officer Eric Weiner, responsible for advancing new credit models to drive financing growth; and chief marketing officer Sheri Chin, who leads business-to-business and business-to-consumer marketing strategy.
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.