Assetz Capital ties up with German bank to help SMEs through Brexit.
Peer-to-peer business lender Assetz Capital said that it has formed a funding partnership with a German bank to help UK small businesses through Brexit.
The Manchester-based firm said it reached an agreement with Varengold, a private bank based in Hamburg, which focuses on European fintechs.
The UK platform, launched in 2013, said the additional line of funding offers “support of the small and medium sized enterprises (SME) sector as the UK comes through the Brexit process and beyond”.
Assetz Capital co-founder and chief executive Stuart Law, said: “Having a bank funding loans through us using their balance sheet is strong testament to the robustness of our lending operations and the increasing role that alternative lenders, such as ourselves, have in serving the funding requirements of UK SMEs.”
Varengold, founded in 1995, said it has partnerships with 20 lending marketplaces around Europe. In January, it raised just under €8m for fintech lending. Varengold would not state the size of the funding line it will make available to Assetz Capital.
Varengold head of London branch Alison Harwood said: “As an established, fast growing, marketplace lender Assetz Capital offers the opportunity for us to build a well-diversified portfolio of property-secured loans.”