Propel Finance is expanding and diversifying its funding base to support its continuing growth, following multiple initial funding rounds with the British Business Bank. Citi has structured a £275 million private securitisation facility, and Quilam Capital has provided an additional £35 million mezzanine and working capital facility, to enable the partial refinance of Propel’s existing British Business Bank ENABLE funding facility and support further growth.
The British Business Bank will continue to be an important funding partner for Propel, with an ENABLE Funding facility that will allow Propel to provide c. £165 million of finance to SMEs across the UK.
Mark Catton, CEO of Propel, said: “We are thrilled to have completed this latest funding transaction, which marks this latest stage of Propel’s growth in our mission to provide accessible finance to SMEs across the UK. We are an important funding partner of the British Business Bank and are excited by the growth opportunities the new funding lines with Citi and Quilam will provide. I should also acknowledge the brilliant work of the Propel team in getting this transaction successfully completed.”
Reinald de Monchy, managing director at the British Business Bank, commented: “We are delighted to be supporting smaller businesses via our ENABLE Funding programme and for Propel Finance to enter in this next stage of its development. This first refinancing transaction, alongside the continued funding via ENABLE will allow Propel to provide smaller businesses with greater access to a wider range of finance options and help create a more diverse finance market.”
Jordan Blakesley, director at Quilam Capital, added: “Quilam is delighted to have helped facilitate the transaction and provide additional growth capital to Propel Finance. This reinforces our commitment to supply larger businesses with the capital to unlock their growth potential. Propel is a rapidly growing asset finance lender and we are pleased to be involved in their journey.”
