Alternative finance provider ThinCats has reached its £1bn lending milestone, after a record-breaking 2020.
The former peer-to-peer lender now hopes to lend another £2bn to small- and medium-sized enterprises (SMEs) across the UK.
Earlier this month, ThinCats announced a strategic investment of £160m from Kuwait’s Wafra Capital Partners, which is expected to boost the platform’s lending power.
“Mid-sized SMEs have been underserved in terms of funding options for too long, so we are delighted to be providing a genuine alternative,” said Amany Attia, chief executive of ThinCats.
“Our model of creating bespoke funding solutions by combining the latest in data analytics with traditional lending at a local level has been well received by the professional advisor community and we thank them for their continued support.
“Whilst lending £1bn is a significant milestone, the recent investment from Wafra Capital Partners will enable us to substantially accelerate the number of businesses we can support in the future. Mid-sized businesses recognise the need to invest as the economy picks up again and we look forward to supporting many more with their growth ambitions.”
Approximately 60 per cent of ThinCats’ loans support businesses outside of London and the South East with 74 per cent structured as cash flow loans, the platform added.