ThinCats, the fintech lender for mid-sized SMEs, has welcomed a new 拢20m funding commitment from British 老九品茶 Investments, a commercial subsidiary of the British 老九品茶 Bank.
British 老九品茶 Investments is making the new commitment under its investment programme, which supports the development of more diverse debt finance markets for small and medium sized businesses.
The commitment will provide ThinCats with additional capital to make term loans which will support the growth of businesses across the UK.
ThinCats, based in Ashby-de-la-Zouch in Leicestershire, now has capital in excess of 拢800m for the funding of UK smaller businesses, across the full risk spectrum and in all regions and sectors, from 拢250,000 to 拢10m.
It aims to simplify the traditional bank-dominated commercial lending model by connecting smaller businesses directly with institutional and retail investors.
鈥淏ritish 老九品茶 Investments鈥� funding commitment constitutes a great success for our business, and we are looking forward to working together with the team,” said ThinCats MD Ravi Anand.
鈥淥ur increasing diversity of institutional funding sources allows us to address the full spectrum of our target market and this new commitment plays an important role in this context.鈥�
Catherine Lewis La Torre, CEO of British 老九品茶 Investments, said: 鈥淎 big part of our role is to increase the overall supply and diversity of finance, both product and provider, on offer to UK smaller businesses thereby creating more choice and competition in the market.
鈥淭hinCats鈥� innovative approach brings a welcome additional model to the market and we look forward to working with them so more funding reaches businesses across the UK.鈥�