ThinCats, a UK-based lending platform, has reportedly hit a new company milestone. According to P2P Finance News, the platform’s 2019 was record-breaking, with its new loan number doubling to nearly 200 million. It was also noted that ThinCats’ loan book is now over 580 million.
While sharing more details, Amany Attia, CEO of ThinCats, reportedly stated:
“Despite the political uncertainty, UK businesses continue to invest for the future and we are delighted to have supported mid-sized small- and medium-sized enterprises (SMEs) with more than £200m of funding during 2019. This is almost double our previous record of 2018.”
Attia also shared that ThinCats will be focusing on developing specialist services for private equity-backed businesses and those in the healthcare and leisure sectors in 2020.
“These initiatives mean we can now offer even more competitive terms to the high quality borrowers in each of these segments.”
The latest milestone announcement comes just a little over a month after ThinCats revealed it was moving to an institutional only funding model for future loans and the P2P platform entered into a run-off phase as they exit this sector of online lending. The ThinCats Group then reported it will continue to support the funding of UK SMEs through its institutional lending products were notably “up to £700 million of funding has been made available.”
Founded in 2011, ThinCats claims to be a leading alternative finance provider dedicated to funding growing and ambitious SMEs across the UK. The platform specializes in business loans from £1m up to £15m for working capital, growth finance, acquisitions (including MBOs and MBIs), refinance and asset purchase purposes.