"This additional funding will boost growth in our business and deliver our strategic objectives over coming years, while also significantly increasing our lending capabilities for SMEs"
Cynergy Bank has secured a £20 million Tier 2 capital facility from British Business Investments. The capital will be deployed across Cynergy Bank and Cynergy Business Finance.
The new funding from British Business Investments, a commercial subsidiary of the British Business Bank, will enable the challenger bank to accelerate the delivery of its current business strategy in the SME lending space. The Tier 2 Capital facility will also support Cynergy Bank’s growth plans, which includes delivering over £250m of new-to-bank lending across the SME and property sectors.
The £20m subscription has been provided through British Business Investments’ Investment Programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders.
Nick Fahy, chief executive of Cynergy Bank, commented: “We’re pleased to be working with British Business Investments, and this investment is a truly exciting milestone in our commitment to supporting the financial needs of SMEs and businesses in the UK. This additional funding will boost growth in our business and deliver our strategic objectives over coming years, while also significantly increasing our lending capabilities for SMEs, property entrepreneurs and family businesses.”
Judith Hartley, CEO of British Business Investments, said: “At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK. This £20m Tier 2 commitment to Cynergy Bank supports that mission and will help more smaller businesses across the UK access the capital they need to grow.”
