E-lenders Everline and EZBob have secured a three-year £25m debt funding facility from Shawbrook Bank and Honeycomb Investment Trust.
The lenders have already provided over £100m over 8,500 loans to small businesses in the UK and the new funding will allow EZBob to open up lending to more UK SMEs at more affordable rates.
Tomer Guriel (pictured), CEO and co-founder of EZBob Ltd., said: “Securing senior debt facilities from two leading UK financial institutions allows us to tap into a lower cost of capital funding, which we can then pass onto our customers to help support even more of the UK’s small businesses. Receiving this financial backing is also testament to the unique technology powering our proprietary automated lending platform and will enable us to accelerate our growth plans.”
Michael Katramados, Shawbrook Bank, added: “Shawbrook is a bank dedicated to financing UK SMEs. We have known EZBob Ltd. for quite a few years now and are pleased to once again assist a business that, like us, is keen to support small businesses in the UK.”
Lindsey McMurray of Honeycomb Investment Trust added “We have known the team and the business for a number of years and are excited about the opportunity to support them in their next phase of growth. We have been impressed by both the team and their technology platforms and believe it puts them in a strong position to support UK SMEs, a sector that many lenders have retrenched from in recent years.”
The e-lender’s offer a fully automated smart lending platform which links directly to a business’ key data sources, such as cloud based accounting services, tax reports and bank statements, to make up-to-date and rapid lending decisions based on the business’ performance.
The application process, risk and decision making and servicing are all fully automated, meaning funds of up to £120,000 can be in a business’ bank account within minutes.