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HSBC UK adds £100m to tech Growth Lending Fund

HSBC Growth Lending Fund
Image credit: Victor Moussa / Shutterstock

HSBC UK has increased the size of its tech scaleup investment vehicle, the Growth Lending Fund, by £100m to meet the growing demand.

The Growth Lending Fund was launched last year with £250m as a response to government calls for greater investment into UK tech.

The bank has now increased the size of the fund to £350m, which will continue to go toward high-growth tech scaleups with clear profitability paths. The fund invests up to £15m per company.

HSBC said the fund was also designed to support the growth of regional tech economies, with 50% of the deals finalised in the 12 months since its launch investing in companies outside London.

“The increase to ‘Growth Lending’ restates HSBC UK’s commitment to improving the tech ecosystem to ensure the UK remains one of the best places in the world to start and run a technology business,” said Roland Emmans, head of UK tech sector & growth lending at HSBC UK.

“What’s most interesting is half the firms being helped by ‘Growth Lending’ are based outside of London, clearly demonstrating that ambitious digital technology businesses no longer feel it’s essential to be based in the capital and are able to tap into talent pools around the UK.”

HSBC UK, in addition to the Growth Lending Fund, has also allocated £500m to an SME tech business fund as part of a broader plan to put £15bn of lending support to businesses in the UK.