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Peer2Peer Finance News | October 15, 2018

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ThinCats makes senior hire to boost loan origination in the Midlands

ThinCats makes senior hire to boost loan origination in the Midlands
Suzie Neuwirth

THINCATS has unveiled its first senior hire since announcing a £200m funding programme to scale up its business lending.

The peer-to-peer finance platform, which is majority-owned by institutional fund manager ESF Capital, said on Friday that Rav Bagri will join as origination manager in the Midlands to help the company deploy its new capital.

Bagri has 29 years’ experience in retail and commercial banking, which includes 25 years at senior management level with Nationwide Building Society. Most recently he was of commercial banking at Unity Trust Bank.

“I’m happy to join a skilled and successful team at ThinCats,” said Bagri.

“The company has a truly innovative way of deploying institutional capital, and the new £200m fund shows confidence in the business and displays its longevity. I can’t wait to get started and talk to growing businesses who are looking for funding to expand.”

Read more: ThinCats plans staggered IFISA roll-out before end of 2017

Earlier this month, ThinCats announced a £200m funding programme, made up of £30m from ESO Capital and £70m from Waterfall Asset Management, with the remaining balance provided by Waterfall and other institutional investors.

Lending will focus on funding growing companies with asset backing and reliable cashflows, including acquisition finance, across all regions and sectors in the UK, ThinCats said at the time.

Read more: ThinCats hires Geoff O’Brien to originate new business in Scotland

“Rav’s vast experience give him an impressive inner knowledge of working with SMEs; the challenges that they face and how to successfully support their growth aspirations,” said Damon Walford, chief development officer at ThinCats.

“He is planning to build on this experience to develop rewarding relationships with SMEs, brokers and intermediaries across the Midlands, and we’re delighted to have him on board as ThinCats enters its next phase of growth.”