Capify secure $194 million credit facility from Pollen Street Capital
Announcement posted by Capify Australia 29 Apr 2024
Investment expands Capify Australia's financing capacity to meet increasing customer demand and grow its SME lending business
Leading online SME lender Capify has today secured a $194 million credit facility from Pollen Street Capital ("Pollen Street"), an alternative asset manager dedicated to investing within financial and business services.
The new facility will support the lender's ambitious future growth plans and provide working capital to thousands of SMEs over the coming years.
Capify was launched in Australia and the UK in 2008 by serial entrepreneur David Goldin, against the backdrop of the global financial crisis, when many small and medium-sized businesses were struggling to access vital funding from banks. Founded initially in the United States in 2002, it was one of the world's first online alternative financing companies for SMEs.
"We are extremely excited about our future relationship with Pollen Street, a capital provider with a proven track record of partnering with impactful and innovative businesses. This deal represents another significant milestone for Capify and underlines the strength of our business model in providing fast, flexible, and responsible support to SMEs," said David Goldin, Founder and CEO of Capify.
"We are absolutely delighted to secure this financing deal with Pollen Street. The credit facility will enable us to continue our growth trajectory while offering even more attractive and innovative solutions to the growing number of small businesses in need of funding. We are passionate about the vital role SMEs play in the success of the Australian economy. This new multi-year credit facility allows us to provide much-needed access to capital for SMEs to help them manage and prosper, whilst also enabling us to deliver on our own growth plans," added John de Bree, Managing Director at Capify.
"With the release of the next version of our technology platform, we will streamline our processes and provide even faster decisions to brokers and SMEs," said de Bree. "This enhancement emphasizes our commitment to leveraging technology to meet the fast-evolving needs of small businesses, ensuring they have quick access to capital and can seize growth opportunities more effectively."
"We are impressed by Capify's seasoned management team and their enduring presence in the market. Since its inception in 2008, Capify has been at the forefront of online SME lending in both the UK and Australia, consistently demonstrating its commitment to the sector. Capify successfully addresses the needs of the underserved market segment, resulting from a chronic undersupply of bank financing, and promotes both financial inclusion as well as regional economic growth, aligning closely to Pollen Street Capital's ESG framework. We are delighted to partner with Capify and support their ongoing growth" added Ethan Saggu, Investment Director at Pollen Street Capital.
ENDS
Notes to Editors
About Capify
Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. Originally started in the US over twenty years ago, the fintech business now operates in Australia and the UK and has served these markets for over 15 years. In that time, it has provided finance to thousands of businesses, ensuring the vibrant and vital SME community can meet the challenges of today and the opportunities of tomorrow.
For more details about Capify, visit: http://www.capify.com.au
About Pollen Street Capital
Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £4.2bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.
For more information, visit: www.pollenstreetgroup.com
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Capify
Adrienne Hui
Pollen Street Capital