FinTech lender Assetz Capital has applied for a 拢10m grant, the latest pool of the Banking Competition Remedies (BCR) as it continues to scale its SME lending.
The 拢1bn peer-to-peer marketplace lender has submitted an application for Pool E that consists of 拢100 million and is open to eligible bodies providing innovation financial services to UK SMEs.
The 拢100m was given back to BCR by Metro Bank (拢50m) and Nationwide (拢50m) for redistribution to new challengers to the banking sector such as Assetz Capital.
The money was returned after the pair of lenders cancelled their growth plans in the SME funding sector.
Assetz Capital is the second largest peer-to-peer business lender in Europe and offers commercial mortgages and development finance.
The company joins other FinTechs in applying for a slice of the grant, including the likes Starling Bank, Tide, ClearBank, Coconut, Contis and Cashplus.
In seven years since inception, Assetz Capital has lent over 拢1 billion to UK SMEs, and funded 3,000 new homes in both 2018 and 2019.
Stuart Law, CEO at Assetz Capital said: 鈥淲e鈥檝e established ourselves to be a leading SME lender, serving the many underserved SMEs seeking loan funding.
“By December 2022 we鈥檙e aiming to have lent a further 拢1 billion to SMEs, supporting around another 25,000 jobs and funding the development of at least 3,500 further new homes.
鈥淲e have a market-leading lending capability 鈥� combining human and technology-based credit assessment, innovative loan application technology and regional relationship directors to meet customers.
“This BCR grant, combined with a further 拢10m matched contribution from ourselves, would enable us to build on these strong foundations and grow even faster, allowing us to provide even greater support for underserved UK SMEs.鈥�