REG aspires to become the go-to solution for Insurers and Intermediaries looking to simplify compliance and management processes between insurers, brokers and customers.
Founded in 2015, REG has attracted equity funding from Disruptive Capital Investments Ltd and will now employ this debt finance facility to continue the development of its services and to expand its client base, both in the UK and globally.
With clients across the country and a number of international markets, REG continues to demonstrate the potential of the UK InsurTech sector.
The London-based business now employs 35 people and continues to disrupt the insurance market place by accelerating due diligence processes and enhancing ongoing risk management through advanced data analytics and monitoring tools.
Shawbrook provided the £1.8m Growth Capital facility to support continued expansion whilst allowing the founder and existing investor to preserve equity ahead of any future fund-raising.
The Growth Capital product is a recent addition to the Shawbrook offering as the bank continues to expand its support for sponsor-backed UK businesses across a range of sectors.
Michael Phair, CEO, REG (UK) Ltd says:
“This facility not only provides scope for further growth but is also a validation of what we’ve already achieved. Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue need this type of support to scale-up and succeed – particularly internationally. We’re delighted with the interest and support Shawbrook has shown us and it’s a positive thing for the InsurTech/RegTech sectors that specialist banks like this exist in the UK.”
Will Chappel, head of Growth Capital at Shawbrook Bank says:
“I’ve known Michael Phair, Paul Tasker and the team at REG for some time now and it’s no surprise to me how rapidly they’ve grown and the extent to which their clients value the service they provide. By understanding the dynamics of the business after 4 successful years of trading, it’s vital that we can offer flexibility - particularly when it comes to covenants and warrants. Having the ability to provide either or a combination of both allows for a more collaborative approach, which we know businesses like REG are looking for.”