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Peer2Peer Finance News | September 18, 2019

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Platform Black rebranded as Sancus Finance

Platform Black rebranded as Sancus Finance
Marc Shoffman

INVOICE financing company Platform Black has been rebranded as Sancus Finance as part of a strategic review by its owner GLI Finance.

The newly formed Sancus BMS Group will be the new brand behind a number of GLI Finance’s alternative finance businesses focusing on small- and medium-sized enterprises (SMEs).

The Sancus BMS Group will specialise in delivering short, medium and long term finance to SMEs and their owners, using invoice trading, supply chain finance, education finance and secured loans.

“This is really positive news and demonstrates the continued robust support for Platform Black which is now a key part of a group of complementary businesses,” said Caroline Langron, managing director of Sancus Finance.

Read more: GLI’s £10m bond lists on Cayman stock exchange

She said Sancus BMS Group would have access to a £50m funding line, adding: “We are now in a position where we have an increased capability to fund the increasing demand we are experiencing from UK businesses looking for flexible and competitive sources of finance.

“Being part of a larger group brings many benefits to our clients as we will be able to draw on other resources to deliver a more rounded solution to meet our clients’ financing requirements.”

The reorganisaiton comes after GLI Finance announced a strategic review of the business following a £6.9m loss in the first half of 2016.

Read more: GLI chief fears “car crash” of P2P defaults

“By creating Sancus BMS the Group now provides a comprehensive offering to funders and clients to meet their financial needs,” said Andy Whelan, chief executive of GLI Finance.

“We take seriously the need to meet the expectations of our stakeholders and we continue to focus on enhancing our service offering to ensure we deliver a pragmatic value added solution.”

Read more: GLI Finance sells off assets as part of strategic review