ThinCats announces new support for UK SMEs with £200 million funding agreement
ThinCats, the leading fintech lender to mid-sized SMEs, has today announced a new programme for £200m with BAE Systems Pensions, to provide UK SMEs with commercial loans.
ThinCats now has capital of £800m for the funding of UK SMEs across the full risk spectrum in all regions and sectors from £100,000 to £15m. Today’s news follows significant loan funding agreed with the global asset manager, Insight Investment, in September 2018.
ThinCats’ lending focus is on meeting borrowers’ ambitions through funding of up to five years to companies with asset backing or reliable cashflows for working capital, acquisition, refinance or growth.
Damon Walford, chief development officer, ThinCats: “This additional funding programme with BAE Systems Pensions demonstrates our continued ability to link institutional investor capital to growing UK SMEs.
“Our concerted regional focus and diversified funding sources has driven a significant increase in lending volumes– ThinCats will achieve a record level of funding in 2018.”
David Adam, CIO of BAE Systems Pensions: “Our partnership with ThinCats enables us to invest on behalf of our members in an asset class that offers a highly attractive risk-return profile while also making a contribution to UK SMEs, by providing much needed funding to medium sized SMEs as key participants in the UK economy.”
Ravi Anand, managing director, ThinCats: “We are delighted to enter a new phase of our partnership with BAE Systems Pensions. Their historic equity support for our business, combined with this new loan funding commitment, ensures ThinCats can continue to support SMEs through the challenges of the ever changing economic outlook in the UK.”