Propel completes £1.5bn funding round

Propel Finance, the UK’s fastest-growing asset finance lender, today announces the completion of a £1.5bn funding round to provide finance solutions for thousands more small and medium-sized enterprises (“SMEs”) across the UK investing in business-critical equipment and vehicles. 

This significant new financing round has been backed by a number of leading financial institutions and investors.

 Key highlights of the programme include: 

•A significant committed forward flow funding line with Barclays  

•A new strategic committed wholesale funding line with Bank of America 

•An extended committed wholesale facility with Citi

•An extended committed wholesale facility with the British Business Bank as part of the ENABLE Funding Programme

•A new committed mezzanine facility with a global alternative investment firm

•Extension and increase in several receivables funding lines provided by global Banks

Legal advice was provided by Ashurst on the forward flow line and by Blake Morgan on the wholesale and mezzanine facilities. Interpath supported as advisors on the new mezzanine facility. This latest funding round will enable Propel to continue its rapid growth and support for its partners and customers, driving innovation in the asset finance sector.

The company has been recognised by Asset Finance UK 50 as seeing the “Fastest Sustained Growth by an Asset Finance Lender” for the past three years. 

Propel has lent more than £1 billion in the last three years, supporting more than 50,000 SMEs over this time, and this latest funding round will support plans to more than double new lending over the next three years.

Propel has also invested more than £10m in its proprietary digital platform including developing a new B2B embedded finance offering, bringing point-of-sale digital financing solutions to SMEs investing in new technology equipment.

CEO of Propel Mark Catton said, “We are thrilled to have secured this transformative £1.5 billion in funding availability, helping us accelerate our growth and support for our partners and SME customers. We are delighted to work with an outstanding panel of institutional lenders and are incredibly grateful for their exceptional support and confidence in the Propel team.” 

Comment on this article