UK-based alternative finance provider ThinCats has secured an additional £100m from Insight Investments to support SMEs in their recovery from the Covid-19 pandemic.
It follows asset manager Insight’s £300m funding deal with ThinCats in 2018. It brings the total capital available to be loaned out to £650m.
Founded in 2010, ThinCats is an alternative finance provider that offers funding ranging between £1m and £15m for mid-sized UK SMEs. The firm combines data analytics with traditional lending and a regional network of business finance specialists.
The Leicestershire-headquartered firm also offers cashflow lending accounts for about 75% of new fundings, suited to high-growth businesses.
The peer-to-peer lender says it has helped SMEs borrow more than £1.2bn.
Insight Investment’s managed funds are part of a panel of senior investors that includes Barclays and Citi. The asset manager also deploys its own funds.
Ravi Anand, managing director, ThinCats, said: “The relationship between ThinCats and Insight Investment has been a successful one, and we are pleased to be extending the partnership in this way.
“The new investment will provide much needed additional support for mid-sized SMEs as they invest in their post-pandemic growth strategies. Adding this new investment to the existing capital of our investor panel, alongside our own funding, means we have £650m currently available to deploy in support of businesses across the UK.”
ThinCats uses its proprietary risk model, PRISM, to assess credit risk. It employs big data with over two billion data points from all UK mid-sized SME that have traded since 2007.
The company also appointed Richard Bowles as director of regional business development for the South West and Wales, back in November 2021. Bowles joined ThinCats from Santander.