Peer-to-peer lending platform ThinCats announced on Friday it has appointed Ravi Bagri as its new Origination Manager, who will cover the Midlands region. According to the online lender, Bagri is considered one of the most well-established names in the Midlands finance sector and has nearly 30 years of experience in retail and commercial banking. His most recent position was Head of Commercial Banking at Unity Trust Bank and he also held positions at Santander Corporate and Nationwide Building Society. Speaking about his new role at ThinCats, Rav stated:
“I’m happy to join a skilled and successful team at ThinCats. The company has a truly innovative way of deploying institutional capital, and the new £200m fund shows confidence in the business and displays its longevity. I can’t wait to get started and talk to growing businesses who are looking for funding to expand.”
Damon Walford, CDO at ThinCats then added:
“Rav’s vast experience give him an impressive inner knowledge of working with SMEs; the challenges that they face and how to successfully support their growth aspirations. He is planning to build on this experience to develop rewarding relationships with SMEs, brokers and intermediaries across the Midlands, and we’re delighted to have him on board as ThinCats enters its next phase of growth.”
The news about Bagri comes less than a month after ESF Capital and ThinCats reported the conclusion of a funding program for loans of up to £5 million for growing UK small and medium-sized enterprises (SMEs). The new £200 million funding program comprises £30 million already committed by ESO Capital, £70 million from Waterfall Asset Management, and the balance to be provided by Waterfall and other institutional investors, subject to certain conditions. All funds under the program will continue to be invested in loans originated through ThinCats. The addition of institutional funding will help scale ThinCats loan originations.