Multifi Secures £10m in Loan Capital to Revolutionize Business Finance for SMEs
Multifi, a new UK-based lender focused on the SME market, has secured £10m of loan capital. The cash comes from Fasanara Capital and will be used to offer credit facilities to SMEs of up to £200,000 with a fixed monthly access fee of 0.3 per cent and an interest rate of 1.99 per cent per month on used credit.
Multifi was founded by Mark Blandford, also the founder of online gambling company Sportingbet and an investor in Envoy and Ethoca. He is also chairman of the company whose senior leadership team is made up of execs from Aldermore, Barclays, Citi, and HSBC.
“Business finance is overly complex, often leading to immediate rejection for enterprises needing funding. We aim to revolutionise this process by simplifying access to finance,” Rob Keown-Boyd, CEO of Multifi, said.
“Our straightforward platform allows businesses to ascertain their borrowing capacity instantly, and with the initial £10 million secured, we are eager to support the growth of SMEs across the UK. We are committed to taking the faff out of finance,” he added.
Targeting SMEs in wholesale, manufacturing and logistics among other sectors, borrowers are able to make unlimited payments to suppliers within their credit limit via three embedded services: finance, payments and foreign exchange, The facility can be used alongside existing finance agreements.
“Fasanara is committed to supporting the UK SME ecosystem through funding partnerships with lenders like Multifi. As a quantitatively focused asset manager, we are excited by Multifi’s prudent risk control framework which heavily leverages technology, enabling it to provide working capital finance to UK SMEs via flexible facilities that can be paid out quickly,” Matt Kus, head of origination for developed markets at Fasanara said.
A further funding tranche is lined up following the MultiFi’s launch.