London-based fintech firm Multifi, specializing in credit services for small and medium-sized enterprises (SMEs), has secured £10 million in fresh loan capital to enhance its credit facilities for UK small businesses.
Multifi is dedicated to simplifying access to finance, particularly for SMEs that often face complexities and quick rejections when seeking funding. They offer SME loans up to £200,000 to streamline the process.
Rob Keown-Boyd, Multifi’s CEO, emphasizes their commitment to revolutionize business finance by simplifying access to it. He stated, “We aim to take the complexity out of business finance. Our platform allows businesses to quickly determine their borrowing capacity. With the £10 million funding, we’re excited to support SME growth across the UK and remove the hassles from finance.”
This substantial funding was made possible through a partnership with London’s Fasanara Capital. Matt Kus, Head of Origination for Developed Markets at Fasanara, praised Multifi’s risk control framework, which efficiently provides working capital finance to UK SMEs through flexible facilities.
This investment underscores asset managers’ growing interest in fintech, where technology-driven solutions are transforming finance. Fasanara Capital had previously secured £169 million from a Canadian pension group for its fintech investment fund in the previous year, demonstrating their commitment to advancing financial technology and supporting SMEs.
Supporting SMEs
Multifi is transforming business finance by supporting small and medium-sized enterprises (SMEs) with simplified access to integrated financial tools. Their core offering includes unsecured and revolving credit with competitive interest rates to empower businesses.
Recognizing that growing companies need diverse integrated financial tools, Multifi developed a proprietary platform that has already lent £150 million to numerous SMEs, offering finance, payments, and foreign exchange services.
Cash flow is vital for small businesses, and Multifi aims to alleviate cash flow issues. Statistics show that 82% of failed businesses attribute their demise to cash flow problems. Multifi’s online platform offers fast access to finance, simplifying lending for SMEs.
Real-World Success Stories
Multifi’s positive impact is evident through real-world success stories. For example, they provided a £200,000 revolving credit facility to a UK balance bike company, ensuring steady cash flow, optimized stock levels, and the ability to seize growth opportunities.
Multifi also helped a UK importer and distributor of ground care machinery by offering a flexible financing solution, reducing cash flow issues, improving supplier relationships, and enhancing customer satisfaction.
In another case, a designer fashion boutique overcame working capital challenges with a £100,000 revolving credit facility from Multifi, enabling them to manage seasonal demand fluctuations and respond to fashion trends effectively.
The Multifi Team
Multifi’s leadership team boasts deep expertise in business and finance from institutions like Aldermore, Barclays, Citi, and HSBC, positioning them to offer unparalleled support to growing businesses.
Multifi’s leadership team consists of experienced professionals with a deep understanding of small and medium-sized businesses:
Rob Keown-Boyd (Chief Executive): Co-founder and CEO, Rob brings valuable expertise in managing finance and technology businesses.
Harvey Nijjar (Chief Finance Officer): With a background in finance and risk management, Harvey effectively manages the company’s financial aspects.
Chris Burt (Chief Technology Officer): An expert in software systems, Chris drives technology and software development.
Mark Blandford (Founder): As the founder of the first online UK bookmaker, Mark has rich experience in growing technology businesses.
Joris Greeuw (Head of Credit Risk & Compliance): With a diverse background in banking and fintech, Joris is instrumental in ensuring regulatory compliance.
Sunil Dial (Head of Commercial): Sunil brings a unique blend of industry experience and entrepreneurial drive.
Kris Makuch (Head of Marketing and Communications): Kris has over fifteen years of experience in digital, design, and marketing across various industries.
Multifi’s mission is to empower businesses across various sectors, transforming financing from a barrier into a catalyst for success. In the coming years, we can expect to witness a flourishing ecosystem of SMBs enabled by Multifi’s business finance solutions, revolutionizing the UK’s economic engine.