UK’s Propel Finance completes first private securitisation as part of €592M financing round

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UK’s Propel Finance completes first private securitisation as part of €592M financing round
©  Propel Finance

On Tuesday, London-based asset finance lender Propel Finance announced their first private securitization as part of a £500 million round, or roughly €592 million.

Mark Catton, the chief executive officer of Propel, expressed his gratitude for the recent funding round. He said “we are pleased to complete this funding transaction as we continue to expand our company. This transaction furthers our mission to provide small and medium sized businesses all over the UK with accessible finance. We are an important funding partner of the British Business Bank and look forward to great opportunities made available through the new lines of funding from Citi and Quilam. Additionally, we would like to thank the Propel team for their excellent work on this transaction.”

Citi has structured a £275M private securitization facility out of £500M. Additionally, Quilam Capital provided a £35M mezzanine and working capital facility to partially refinance Propel’s existing British Business Bank ENABLE funding. This additional financing allows Propel to grow further.

Propel Finance often obtains funding from the British Business Bank through multiple rounds. They claim this allows them to support UK small businesses.

Propel got funding from the ENABLE Funding facility of £165 million from the British Business Bank. This will allow them to provide finance to small businesses across the UK.

By partnering with Samsung, Barclays Business Bank, and Azets — a accounting firm — Dragonfly announced an announcement after they secured access to over 1 million small businesses. This access would provide SMEs with fast and flexible financing to acquire vehicles and equipment.

Propel Finance: What you need to know

Propel Finance provides small to medium sized businesses access to fast and easy financing. The company was founded in 1996 and has assisted over 40,000 businesses with financial needs.

Reinald de Monchy is the Managing Director of Guarantee and Wholesale Solutions at the British Business Bank. He says, “We are pleased to support smaller businesses through our ENABLE Funding program. Additionally, we’re glad Propel Finance is able to proceed with this next stage of development thanks to its first refinance transaction. This will allow Propel Finance to provide smaller businesses with more options for financing in a growing finance market.”

Propel Finance stated that their growth rate increased to 92% over the last year.

Quilam Capital Director Jordan Blakesley says, “We are happy to have played a part in Propel Finance’s growth. Quilam Capital provided additional capital to unlock the company’s growth potential. This transaction also allowed Propel Finance to become a larger asset lender faster.


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