Propel Finance has announced the raise of a GBP 1.5 billion funding round to power SME growth across the UK.
Following this announcement, the funding round will be leveraged in order to provide financial services for multiple small and medium-sized enterprises (SMEs) that are investing in business-critical equipment and vehicles across the UK.
Multiple financial institutions and investors, including Barclays, Bank of America, Citi, the British Business Bank, and others, have backed the financing round. In addition, the institution is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
More information on Propel Finance’s GBP 1.5 billion funding round
According to the official press release, the latest investment will enable Propel Finance to continue to accelerate its development process, as well as support its clients and partners, driving growth in the asset finance sector. At the same time, officials of the company also mentioned that the round will enable Propel Finance to deliver an optimised impact on the overall business landscape in the UK.
The funding will also give Propel the possibility to continue scaling its business, providing support to SME firms and customers. The company plans to double new lending over the next three years, as well as to simplify the process for SMEs to access funding at the point of sale when investing in new technology.
