Ipswich-based lender Fleximize targets further growth after ‘positive’ start to 2017
- Credit: Archant
Alternative business finance provider Fleximize has secured a new £16.3m funding facility to support a further increase in its lending.
Ipswich-based Fleximize, which offers flexible financing solutions based on companies’ revenue streams, has agreed the new facility with the specialist investment fund Hadrian’s Wall Secured Investments Ltd.
It will fund a substantial increase in Fleximize’s lending capacity, taking it closer to its goal of lending more than £100m to small and medium-sized enterprises (SMEs) by 2019, and help the company to diversify its product range further.
Between 2015 and 2016, Fleximize grew its lending to SMEs by 132% to £40m, a figure that the company is looking to double in 2017 as it rolls out a new secured loan product. Companies can now borrow up to £250,000 from Fleximize on an unsecured basis, and up to £500,000 on a secured basis.
Peter Tuvey, co-founder and managing partner of Fleximize, said: “The Chancellor described SMEs as the lifeblood of the UK economy in his spring Budget, and we witness that every single day here at Fleximize.
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“It’s been an incredibly positive start to 2017 for Fleximize, with our lending to SMEs in all sectors growing at a substantial rate.
“It has been a pleasure working with Hadrian’s Wall,” he added. “We’ve valued their proactive and fast-paced approach to supporting us. This additional access to funding will fuel our capability to support businesses requiring capital in an unpredictable economic climate, while allowing us to expand our excellent team.”
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Marc Bajer, chief executive at Hadrian’s Wall Capital Ltd, investment adviser to the fund, said: “We’ve been impressed by Fleximize’s growth over the past three years.
“It is rare to find such a focused and technology-enabled lender in the SME alternative finance sector. We were impressed with the commitment to transparency with its customers. We look forward to working closely with Peter and the team, and supporting the company on the next stage of its exciting journey.”