By Moriah Costa on Tuesday 17 January 2017
The name change is part of an operational review by its owner, GLI Finance Limited.
Platform Black Limited is now Sancus Finance Limited, in a move by its owners to specialise in financing to small-medium enterprises.
The strategy change also included a transfer of its holdings to a newly formed Sancus BMS Group Limited.
“With a change of ownership to Sancus BMS Group and access to a £50m funding line, the business is now positioned to drive further significant growth and enhance our service to our funders and clients,” said Caroline Langron, managing director of Sancus Finance.
The firm now operates in the UK, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man.
Sancus has provided cumulative funding of more than £570m to clients and changed its investments, leading to a default rate of less than 0.5 per cent on transactions over the last year, the firm says.
Langron added: “We are now in a position where we have an increased capability to fund the increasing demand we are experiencing from UK businesses looking for flexible and competitive sources of finance. Being part of a larger group brings many benefits to our clients as we will be able to draw on other resources to deliver a more rounded solution to meet our clients’ financing requirements.”