Merchant Money, the UK-wide business lender, is delighted to announce £115m of additional funding from Barclays Bank PLC and new partner Quilam Capital
The funding will be used by Merchant Money to grow its lending books across its secured and unsecured product offerings, and adds to its existing suite of senior funding lines.
Merchant Money has been providing secured and unsecured business loans to SMEs on a UK-wide basis since 2013. The business, which secured British Business Bank accreditation for CBILS & RLS lending respectively, added bridging and secured loans to its offering in 2020, an area in which it has achieved good success to date.
Challenging market conditions have seen a continued retrenchment of traditional high street lenders and alternative funders in the SME lending space, a market in which Merchant Money is now well positioned to grow.
Jonathan Stern, Co-Founder and Chief Financial Officer of Merchant Money, commented:
“We are extremely proud to have secured such significant funding lines from two prestigious partners in difficult market conditions. The funding package consists of a combination of senior and junior capital and allows for an even more compelling product offering. We have already funded our first deals using this capacity and the market reaction to our improved products has been extremely positive”.
“We are very happy to be supporting Merchant Money into what we expect to be a very exciting next stage of its journey. Despite the current headwinds, there remains significant market opportunity in the SME space which the business is now in a prime position to fully capitalise on. We have been very impressed by the ambitions of the management team and are looking forward to seeing our capital deployed in order to help achieve their goals.”
Sean White, MD of Securitised Products at Barclays, commented:
“Our strategy in the Corporate and Investment Bank is grounded in delivery for clients and we are delighted to be supporting Merchant Money with a new senior warehouse facility which will assist in funding the business’s growth plans in the UK SME sector.”
Behind the scenes, Merchant Money has been working hard to ensure the business is in the best shape possible to deploy this additional capital. This has involved the recruitment of fifteen additional members of staff across a broad range of functions, introducing open banking and launching a new online broker portal.
Luke Jooste, CEO of Merchant Money commented:
“Our goal remains to continue to support the UK SME sector through what is likely to be a tough trading environment during 2023. Alongside our supportive founding shareholders, this new funding will fuel the next phase in Merchant Moneys growth aspirations. We are incredibly excited to be partnering with Quilam who bring with them a wealth of knowledge and expertise in the UK specialist lending space”.
About Merchant Money
Merchant Money is a UK-wide business finance lender, headquartered in London. Merchant Money launched in 2013 with a specific lending proposition. Today we offer so much more. Our focus is constant – to ensure that our clients enjoy the clarity of transparent lending and the financial confidence to realise their business potential. We invest time and attention into every client to design and deliver specific and innovative business finance solutions across a range of lending products. We have helped countless businesses of all sizes and in all sectors, with exciting plans to support many more. You can find out more about Merchant Money at www.merchantmoney.co.uk
About Barclays Corporate and Investment Bank
Barclays Corporate and Investment Bank is comprised of the Investment Banking, International Corporate Banking, Global Markets and Research businesses. It provides money managers, financial institutions, governments, supranational organisations and corporate clients with services and advice for their funding, financing, strategic and risk management needs. For further information about Barclays Corporate and Investment Bank, please visit our website www.cib.barclays.
About Quilam Capital
Quilam Capital provides flexible investment for alternative finance companies, fintechs and platforms. It combines targeted financial solutions with expert guidance and advice, working alongside clients, helping them overcome challenges and accelerate their business performance.
The core team has over 80 years’ combined sector experience with a leading track-record of investment across over 150 transactions, making Quilam the go-to speciality finance partner. The wider management team also offers corporate finance, marketing, balance sheet optimisation and operational expertise to provide a full range of private equity services and executive support. Our website is www.quilamcapital.com