Fintech lender ThinCats has passed the £500 million lending mark.
The Leicestershire-based alternative lender said it had provided clients with more than £200 million in the last 12 months, taking the total amount it has now lent to businesses beyond the half a billion pounds mark.
Since launching in 2011 it has worked with around 450 clients, and in the past six months alone.
The business has lending capital of more than £800 million, mainly from pension funds and major institutions, and supports businesses across the full risk spectrum with loans of between £250,000 to £15 million.
Management said the growth was down to its work with medium-sized businesses, who it said were often overlooked in the SME lending space.
It said medium sized businesses were the "engine of UK economic growth", with a higher than average propensity to grow than the rest of the SME sector.
In the past few months ThinCats has grown from 60 to 85 staff – including 35 at its Ashby head office – with plans to take on another 20-40 in the next 12 months.
It said growth was also down to using experienced advisors working face-to-face with clients to weigh up their needs against the risks involved.
It now has offices in London, the Midlands and Yorkshire.
Chief executive John Moulds said: “This is an important milestone for ThinCats, and one that we will continue to build upon.
"I’m very proud of our team and all that we have accomplished so far.
"By continuing to seek opportunities to plug the funding gap and compete with the banks, we will give growing SMEs the funding they deserve.
"It’s great to see that UK SMEs are continuing to invest in their futures despite Brexit uncertainty.
"I look forward to celebrating our next milestone.”
He said ThinCats’ in-depth knowledge of the marketplace, backed by its pioneering use of data and technology, such as its risk modelling system, PRISM, had enabled it to create bespoke lending packages for the UK’s growing and ambitious medium sized businesses.
