The UK-based business said as the UK prepares for its exit from the European Union it plans to shake up an ossified lending market and accelerate loan book growth. The platform added that the scale up funding was led by Merian Chrysalis Investment and also included such investors from Deutsche Bank, and Mortgage Advice Bureau.
Growth Street provides bank overdrafts to firms of up to GBP 2 million. The lender said its own research shows that since the financial crisis total UK overdraft lending fallen by around GBP 18 billion between 2008 and 2018. In July 2018, digital bank Starling added Growth Street to its marketplace of third-party products.
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