Lender plots further support for tech and healthcare sectors as assets under management hit record high
Alternative lender ThinCats has revealed it provided more than £300m in funding to mid-sized SMEs last year – and now says it is set to roll out a series of initiatives to provide further support to tech and healthcare firms.
The £302m tally means the Ashby-based business has lent in excess of £1.3bn since its formation, while assets under management currently stand at a record £675m.
ThinCats CEO Amany Attia said the company would be increasing its focus on the tech and healthcare sectors in 2023, as well as enabling funding “to provide more loans above £10m.”
She said: “Despite a challenging economic backdrop, I am pleased that ThinCats delivered £302m of funding to businesses in 2022, which is just shy of last year’s £318m record.
“During the year we continued to invest across all areas of the business to enable us to deliver much higher levels of funding over the next few years as we aim to grow our loan book to more than £2bn.
“Businesses showed their resilience and capacity to make the most of new opportunities during the pandemic and they are doing the same with the current set of economic challenges. Contrary to what current media headlines may suggest, many mid-sized businesses continue to perform well, even in challenging sectors such as leisure and hospitality. From our perspective, demand for funding to support both M&A and organic growth remains strong which is shown in our pipeline for Q1 2023 being at record levels.”
Attia added: “Economic uncertainty means that high street banks may become less keen to lend pushing more businesses towards debt advisory firms for help in securing funding. As one of the alternative lenders most recommended by advisers we look forward to supporting even more businesses during 2023.”