Amany Attia / ThinCats
ThinCats reports 2023 lending up 31% to reach new record
Over £395m lent to SMEs throughout the course of the year
SME lender ThinCats achieved record lending levels last year with £395m borrowed by its customers.
The figure marks a 31 per cent increase in the value of lending it made in 2022, despite the challenging economic conditions.
“ThinCats has continued to invest in committing resources to the SME market, allowing us to deliver nearly £400m worth of funding to UK mid-sized businesses,” Amany Attia, CEO of ThinCats said.
In total ThinCats has now lent more than £1.7bn to businesses since it launched in 2011, with total loans under management currently sitting at a record £790m.
“2023 was a tough year for many businesses with industry data showing a significant fall in overall transaction activity and value of funding,” Attia said.
“However, ThinCats has still been able to achieve growth of more than 30 per cent in a softening market, highlighting the increasing relevance of our funding proposition to existing and prospective borrowers and to their advisers.”
ThinCats serves the mid-sized SME lending markets with business loans typically from £1m up to £15m.
During the last year, the company made a number of major announcements, including the hiring of Dan Hartley as its new chief financial officer and securing a new £700m warehouse facility with Citi and Barclays.