Multifi, a new UK-based lender focused on the SME market, has recently secured £10m of loan capital. The funding, provided by Fasanara Capital, will be utilized to offer credit facilities to SMEs, with a maximum loan amount of £200,000. The company aims to simplify the process of accessing business finance and revolutionize the way SMEs can attain funding.
A Simplified Approach to Business Finance
According to Rob Keown-Boyd, CEO of Multifi, the current system of business finance is overly complex and often leads to immediate rejection for enterprises in need of funding. Multifi aims to change this by providing a straightforward platform that allows businesses to determine their borrowing capacity instantly. With the initial £10 million secured, Multifi is eager to support the growth of SMEs across the UK.
An Experienced Team
Multifi was founded by Mark Blandford, who is also the founder of online gambling company Sportingbet. Blandford is an experienced investor in companies such as Envoy and Ethoca. The senior leadership team of Multifi consists of executives from reputable institutions including Aldermore, Barclays, Citi, and HSBC.
Credit Facilities and Services
The credit facilities offered by Multifi come with a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit. Targeting SMEs in sectors such as wholesale, manufacturing, and logistics, Multifi provides borrowers with the ability to make unlimited payments to suppliers within their credit limit. The company also offers three embedded services: finance, payments, and foreign exchange. These facilities can be used alongside existing finance agreements.
Funding Support from Fasanara Capital
As a quantitatively focused asset manager, Fasanara Capital is committed to supporting the UK SME ecosystem through funding partnerships with lenders like Multifi. The company is impressed by Multifi’s prudent risk control framework, which heavily leverages technology to provide working capital finance to UK SMEs through flexible facilities that can be disbursed quickly. According to Matt Kus, head of origination for developed markets at Fasanara, a further funding tranche is already lined up following the launch of Multifi.