Capify, a UK-based alternative small business financing provider, announced on Thursday it received a £75 million credit facility from Goldman Sachs Private Capital to support its future growth plans and provide working capital to thousands of Australian and British small businesses.
Launched in 2008, Capify describes itself as a provider of business finance to small and medium-sized businesses in the UK. The company reported that it may raise anywhere between £3,500 and £500,000 of business finance within days of a submitted application.
“We offer the Merchant Cash Advance which is an innovative, flexible solution where business owners repay based on what they take through their card terminal each day; if they have a slow day they’ll pay back less and if they have a busy day more will be paid off. This removes any unnecessary stress for the business owner who are safe in the knowledge that they are only paying out when money comes in.”
While sharing more details about the credit facility, David Goldin, Founder and CEO of Capify, stated:
“This is a landmark achievement for Capify and we are very pleased that we have secured this financing with Goldman Sachs, one of the premiere capital providers in the world. This new multi-year credit facility allows us to deliver on our own growth plans, whilst providing much needed access to capital for British and Australian small businesses to help them to grow, to boost the economy and to create jobs. The credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to UK and Australian small businesses.”
Pankaj Soni, Executive Director at Goldman Sachs Private Capital, went on to add:
“Capify is one of the leading small business finance providers in the UK and Australia. We have been impressed with the management team, business model and innovative finance solutions for small businesses. We look forward to supporting their growth in the years ahead.”