ThinCats lends over £300m in 2022 as assets under management hit record high
ThinCats, the leading alternative finance provider to mid-sized SMEs, provided £302m of funding to businesses in 2022. In total, ThinCats has lent more than £1.3bn to businesses across the UK while assets under management stand at a record £675m.
Amany Attia, CEO, ThinCats: “Despite a challenging economic backdrop, I am pleased that ThinCats delivered £302m of funding to businesses in 2022, which is just shy of last year’s £318m record.
“During the year we continued to invest across all areas of the business to enable us to deliver much higher levels of funding over the next few years as we aim to grow our loan book to more than £2bn.
“Businesses showed their resilience and capacity to make the most of new opportunities during the pandemic and they are doing the same with the current set of economic challenges. Contrary to what current media headlines may suggest, many mid-sized businesses continue to perform well, even in challenging sectors such as leisure and hospitality. From our perspective, demand for funding to support both M&A and organic growth remains strong which is shown in our pipeline for Q1 2023 being at record levels.
“We continue to work closely with the business finance community in developing new funding solutions for their clients. For 2023 we plan to announce new initiatives to support mid-sized technology and healthcare businesses and to enable funding to provide more loans above £10m.
“Economic uncertainty means that high street banks may become less keen to lend pushing more businesses towards debt advisory firms for help in securing funding. As one of the alternative lenders most recommended by advisers we look forward to supporting even more businesses during 2023.”