ThinCats, which claims to be the leading alternative finance provider to mid-sized SMEs in the UK, has recently released its origination results for H1 2023, revealing that a “record” £191m has been lent to SMEs across the United Kingdom.
The figure represents a sizable increase of 45% on £132m achieved during the same time-period in 2022.
In total, ThinCats has provided £302 million of funding to firms in 2022 and is currently on track to exceed that figure this year.
To date, ThinCats claims it has lent over £1.4 billion to businesses across the UK while assets under management stand at “record levels” of over £750 million.
Amany Attia, CEO, ThinCats, said that they are seeing strong demand for funding from mid-sized firms who want to enable organic growth.
As covered earlier this year, the team at ThinCats announced that they provided £302 million of funding to businesses in 2022.
In total, ThinCats had (as of January 2023) reportedly “lent more than £1.3bn to businesses across the UK while assets under management stand at a record £675m.”
Despite a challenging economic backdrop, the team said they were pleased that ThinCats “delivered £302m of funding to businesses in 2022, which is just shy of last year’s £318m record.”
During the year ThinCats continued “to invest across all areas of the business to enable us to deliver much higher levels of funding over the next few years as we aim to grow our loan book to more than £2 billion.”
Businesses showed their resilience and capacity “to make the most of new opportunities during the pandemic and they are doing the same with the current set of economic challenges.”
Contrary to what current media headlines may suggest, many mid-sized businesses “continue to perform well, even in challenging sectors such as leisure and hospitality.”
From their perspective, “demand for funding to support both M&A and organic growth remains strong which is shown in our pipeline for Q1 2023 being at record levels.”
They continue to work closely “with the business finance community in developing new funding solutions for their clients.”
For 2023 they plan to announce new initiatives “to support mid-sized technology and healthcare businesses and to enable funding to provide more loans above £10m.”
