UK Fintech Multifi Secures £10m Loan Capital

The UK-based lender, Multifi, has secured £10m of loan capital from Fasanara Capital. Multifi’s primary focus is on the SME market, specifically targeting sectors such as wholesale, manufacturing, and logistics.

Multifi: Simplifying Access to Finance

Founded by Mark Blandford, who is also known for establishing the online gambling company Sportingbet, Multifi aims to streamline the financial support process for SMEs. The senior leadership team is comprised of executives from Aldermore, Barclays, Citi, and HSBC. Multifi offers credit facilities to SMEs of up to £200,000 with a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit.

Rob Keown-Boyd, CEO of Multifi, expressed the company’s commitment to simplifying business finance. He believes that the complex nature of business finance often leads to immediate rejection for enterprises needing funding. With the initial £10 million secured, the company is now eager to support the growth of SMEs across the UK.

Services Offered by Multifi

Borrowers can make unlimited payments to suppliers within their credit limit via three embedded services offered by Multifi: finance, payments, and foreign exchange. These facilities can also be used alongside existing finance agreements.

Fasanara Capital has shown its commitment to supporting the UK SME ecosystem through funding partnerships with lenders like Multifi. Matt Kus, head of origination for developed markets at Fasanara, praised Multifi’s prudent risk control framework which heavily leverages technology.

Future Plans

Multifi has further funding tranches lined up following its launch, indicating a positive financial future for the fintech firm. The company’s innovative approach to finance and supportive attitude towards SMEs looks set to continue, as they strive to take the complexity out of finance.