ThinCats hits £500m lending milestone despite ‘Brexit uncertainty’

The Ashby De-La-Zouch-based firm said its small business lending jumped in 2018.

Peer-to-peer platform ThinCats said it has passed £500m of lending as business loans remained strong last year despite “Brexit uncertainty”

The Ashby De-La-Zouch-based firm said it enjoyed a record year in 2018, lending over £200m to medium-sized trading businesses. 

The group, led by chief executive John Mould, lends growing firms between £250,000 and £15m.

ThinCats was launched in Leicestershire in 2011, but has built bases in London, Birmingham and Sheffield as it has grown its UK lending.

‘Important milestone’

Its chief executive John Mould said: “This is an important milestone for ThinCats, and one that we will continue to build upon.”

He added: “By continuing to seek opportunities to plug the funding gap and compete with the banks, we will give growing small and medium-sized enterprises the funding they deserve. It’s great to see that UK small and medium-sized enterprises are continuing to invest in their futures despite Brexit uncertainty.”  

The group said it has secured more than £800m of lending capital, mainly from pension funds and institutions, including a £200m funding programme from BAE Systems Pensions signed last December.