multifi has received a commitment of £10 million from Fasanara Capital to support UK SMEs, according to a statement from the company.
The digital lender says businesses may tap into credit of up to £200,000 with a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit.
multifi says it aims to fill a lending gap for smaller firms as they struggle to access funding to operate.
Mark Blandford, founder of Sportingbet PLC, is the principal founder and chairman of the company.
Matt Kus, Head of Origination for Developed Markets at Fasanara, commented on the funding, explaining they are committed to supporting UK SMEs by partnering with online lenders like multifi
“we are excited by multifi’s prudent risk control framework which heavily leverages technology, enabling it to provide working capital finance to UK SMBs via flexible facilities that can be paid out quickly. We are confident that our partnership with multifi will enable them to effectively scale a portfolio providing much needed funding to UK SMBs, the backbone of the UK economy.”
multifi CEO Rob Keown-Boyd, said that business finance is too complex, frequently leading to rejection from companies in need of money. His company aims to address this shortcoming by providing a “straightforward platform that allows businesses to ascertain their borrowing capacity instantly…”
multifi said it will be working with a selected network of introducers and partners to introduce the product to the market.
This phased approach allows multifi to collaborate closely with trusted stakeholders, enabling them to gather valuable insights and customer feedback in real-world scenarios. By actively listening to their customers’ needs and experiences, multifi aims to further refine and enhance the platform, ensuring that the product meets the diverse financial requirements of businesses across the UK.