£15m commitment from British Business Investments
We’re delighted to announce that we've secured £15m British Business Investments funding to help boost UK house building lending.
We’ve become the first property-focused marketplace platform to receive funding from British Business Investments, a commercial subsidiary of the British Business Bank.
British Business Bank are a government-owned economic development bank, dedicated to making finance markets work better for smaller businesses. Their investments through debt-finance providers (like ourselves) help to promote volume and diversity of lending to SMEs by encouraging new entrants and supporting the growth of alternative lenders in the market.
The £15m commitment from British Business Investments could support in excess of £100m of new lending to smaller businesses and smaller housing developers, helping them grow as well as helping fuel the development of new homes across the UK.
Stuart Law, CEO at Assetz Capital, said: “Assetz Capital was founded to help resolve the housing crisis and create a fairer lending landscape by providing funding to SMEs and property developers who were no longer being fully supported by traditional banks. To date, we've lent more than £1bn to UK businesses, providing over £100m of much needed gross income to a community of 38,000 retail and institutional investors in the process.
"The support of British Business Investments is a further milestone in this mission, and we are grateful for their new backing towards our continuing commitment to addressing the housing crisis and SME funding gap. It’s a testament to the impact that can be delivered by Assetz Capital and a welcome addition to our growing stream of institutional funding sources including other banks and investment funds.”
Catherine Lewis La Torre, CEO, British Business Investments, said: “This £15m commitment to Assetz Capital supports British Business Investments’ objective to increase the diversity and supply of finance for smaller businesses across the UK. By providing finance to smaller house builders, we’re able to help them to fulfill their growth plans and increase the country’s new housing stock.”
Since 2013, we’ve lent over £1bn to smaller businesses and house builders, becoming one of the UK’s largest marketplace lenders in the process - funding the development of 4,846 homes across the UK. With the continued support of our investors, British Business Investments and others institutions we look forward to funding even more smaller businesses and housing developers.
Supported by British Business Investments Ltd, a wholly-owned commercial subsidiary of the British Business Bank, a development bank wholly owned by the UK Government. Neither British Business Bank plc, nor British Business Investments Ltd are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA)
The investment from British Business Investments Ltd into Assetz Capital does not amount to any endorsement or warranty from British Business Investments Ltd, the British Business Bank plc or the government of the United Kingdom.
- March 16, 2020