ThinCats was established in the wake of the global financial crisis to provide assistance for small and medium-sized enterprises (SMEs) that were underserved or not receiving traditional loans. It has become a major alternative lender, focusing on funding the needs of around 450,000 small and medium-sized businesses in the UK.
With a current loan book of more than GBP 650 million and ambitions to surpass the GBP 2 billion mark in the next few years, Mambu’s flexible and composable cloud platform will enable ThinCats’ ambitions to support the growth of many more mid-sized businesses.
A Mambu report found that more than two-thirds of all small and medium-sized businesses (SMEs) worldwide have not been able to obtain sufficient funding, or none, on at least one occasion. It also showed the vast majority (92%) of SMEs are open to changing lenders for different or simpler digital support – demonstrating the opportunity for new market entrants.
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