Record year of lending for ThinCats

Amany Attia

ThinCats, the alternative finance provider to mid-sized SMEs, provided a record £395m of funding to businesses in 2023.

This marked an increase of 31% on 2022 levels.

In total, ThinCats has now lent more than £1.7bn to businesses across the UK while assets under management stand at £790m.

Amany Attia, CEO, ThinCats: “Despite a challenging economic environment, ThinCats has continued to invest in committing resources to the SME market, allowing us to deliver nearly £400m worth of funding to UK mid-sized businesses.”

“2023 was a tough year for many businesses with industry data showing a significant fall in overall transaction activity and value of funding. However, ThinCats has still been able to achieve growth of more than 30% in a softening market, highlighting the increasing relevance of our funding proposition to existing and prospective borrowers and to their advisers.”

“Throughout 2023 we continued to invest in our people, deepening our regional footprint and in relevant technology to support many great businesses keen to take advantage of growth opportunities, either organically or through acquisition.”

“Looking ahead into 2024, we expect overall market sentiment and appetite for new funding to remain relatively subdued reflecting weak UK GDP growth forecasts, although we expect confidence to gradually pick up now that interest rates seem to have peaked. Feedback from advisers suggests that the impending general election may also act as a catalyst for some business owners to consider funding to support their succession plans.”