Latest news with #PropelFinance
Yahoo
07-07-2025
- Business
- Yahoo
Propel secures £1.5bn to supercharge SME equipment
Propel Finance has announced the successful completion of a landmark £1.5 billion funding round aimed at expanding access to finance for thousands of small and medium-sized enterprises (SMEs) across the UK. The funding will be used to support businesses investing in critical equipment and vehicles, fuelling innovation and economic growth, the lender said in a statement. The fresh capital injection has attracted backing from a consortium of leading financial institutions and global investors. Among the key elements of the deal is a significant forward flow funding line from Barclays, alongside a new strategic wholesale funding line provided by Bank of America. Propel has also secured extended wholesale facilities with Citi and the British Business Bank, the latter through its ENABLE Funding programme. A new mezzanine facility has been committed by a global alternative investment firm, and several receivables funding lines from global banks have been both extended and increased. Legal advisory roles were played by Ashurst on the Barclays forward flow line, while Blake Morgan provided legal counsel on the wholesale and mezzanine facilities. Interpath acted as advisors on the new mezzanine component. The funding will enable Propel to continue scaling its business, providing vital support to partners and SME customers. The company plans to more than double new lending over the next three years, building on a track record that has seen more than £1 billion lent to over 50,000 SMEs in the last three years alone. As part of its commitment to digital innovation, Propel has invested over £10 million in its proprietary platform, with particular focus on embedded B2B finance solutions. These advancements aim to simplify the process for SMEs to access funding at the point of sale when investing in new technology. Mark Catton, CEO of Propel, said: 'We are thrilled to have secured this transformative £1.5 billion in funding availability, helping us accelerate our growth and support for our partners and SME customers. We are delighted to work with an outstanding panel of institutional lenders and are incredibly grateful for their exceptional support and confidence in the Propel team.' Bank of America's Director of Structured Finance, Andrei Cotonet, said: 'We see significant opportunity in the UK asset finance sector and are proud to support Propel's continued expansion and growth with this strategic funding line. We look forward to seeing the positive impact this partnership will have on businesses across the UK.' A Citi spokesperson added: 'We are pleased to extend our facility with Propel Finance, which will enable Propel to extend their financing solutions to more UK businesses.' Reinald de Monchy, Co-Chief Banking Officer, Products at the British Business Bank, highlighted Propel's long-standing role in SME finance: 'Propel Finance has been an important delivery partner for the Bank via its participation in the ENABLE Funding programme and more recently, their accreditation to the Growth Guarantee Scheme. We welcome this extension of their committed wholesale facility and look forward to the positive impact this funding round will provide to smaller businesses investing in business-critical assets.' "Propel secures £1.5bn to supercharge SME equipment" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
03-07-2025
- Business
- Finextra
Propel Finance secures £1.5 billion in funding
Propel Finance has secured a £1.5 billion funding round to expand its support for small and medium-sized enterprises (SMEs) across the UK. 0 This Propel Finance funding follows over £1 billion lent in the past three years, supporting more than 50,000 SMEs, and will help drive continued growth in business-critical equipment and technology financing. The company has been recognised by Asset Finance UK 50 as seeing the 'Fastest Sustained Growth by an Asset Finance Lender' for the past 3 consecutive years. This significant new financing round has been backed by a number of leading financial institutions and investors. Key highlights of the programme include: A significant committed forward flow funding line with Barclays A new strategic committed wholesale funding line with Bank of America An extended committed wholesale facility with Citi An extended committed wholesale facility with the British Business Bank as part of the ENABLE Funding Programme A new committed mezzanine facility with a global alternative investment firm Extension and increase in several receivables funding lines provided by global Banks Legal advice was provided by Ashurst on the forward flow line and by Blake Morgan on the wholesale and mezzanine facilities. Interpath supported as advisors on the new mezzanine facility. This latest funding round will enable Propel to continue its rapid growth and support for its partners and customers, driving innovation in the asset finance sector. Propel lends to businesses acquiring manufacturing, transport and construction plant, equipment and vehicles, as well as supporting the UK's largest resellers with sales of business-critical technology and telecoms solutions. Propel has lent more than £1 billion in the last 3 years, supporting more than 50,000 SMEs over this time, and this latest funding round will support plans to more than double new lending over the next 3 years. The Propel Finance funding round reflects growing investor confidence in SME-focused lending platforms. Propel has also invested more than £10m in its proprietary digital platform including developing a new B2B embedded finance offering, bringing point-of-sale digital financing solutions to SMEs investing in new technology equipment. Propel is working with a number of merchants and new partners to support 10s of thousands of UK SMEs accessing the latest technology devices, and will be making further announcements in due course. Mark Catton, CEO of Propel said: 'We are thrilled to have secured this transformative £1.5 billion in funding availability, helping us accelerate our growth and support for our partners and SME customers. We are delighted to work with an outstanding panel of institutional lenders and are incredibly grateful for their exceptional support and confidence in the Propel team'. Andrei Cotonet, Director, Structured Finance, at Bank of America said: 'We see significant opportunity in the UK asset finance sector and are proud to support Propel's continued expansion and growth with this strategic funding line. We look forward to seeing the positive impact this partnership will have on businesses across the UK'. A Citi representative said: 'We are pleased to extend our facility with Propel Finance, which will enable Propel to extend their financing solutions to more UK businesses'. Reinald de Monchy, Co-Chief Banking Officer, Products, British Business Bank said: 'Propel Finance has been an important delivery partner for the Bank via its participation in the ENABLE Funding programme and more recently, their accreditation to the Growth Guarantee Scheme. We welcome this extension of their committed wholesale facility and look forward to the positive impact this funding round will provide to smaller businesses investing in business-critical assets'. With this investment, Propel Finance funding is set to scale its services and reach more underserved UK businesses.
