SME lender Merchant Money scores £115m in funding
UK business lender Merchant Money has secured £115 million in funding from Barclays Bank and new partner Quilam Capital.
Merchant Money secures £115m in funding
The funding will be used to grow Merchant Money’s lending books across its secured and unsecured product offerings and the funding adds to its existing suite of senior funding lines.
Merchant Money CEO Luke Jooste says: “Our goal remains to continue to support the UK SME sector through what is likely to be a tough trading environment during 2023.”
Despite “challenging market conditions” causing many high street lenders and alternative funders to pull back in the small and medium-sized enterprises (SME) lending space, Merchant Money believes it is well-placed to expand its market share.
The firm has recently hired fifteen additional members of staff across a range of functions, introduced open banking and launched a new online broker portal.
Sean White, managing director of securitised products at Barclays, says the new senior warehouse facility the bank has provided to Merchant Money “will assist in funding the business’s growth plans in the UK SME sector”.
Merchant Money co-founder and chief financial officer Jonathan Stern says the funding comprises both “senior and junior capital” and allows the firm to offer an even more “compelling” product.
“We have already funded our first deals using this capacity,” Stern adds.
