Boost Capital, a leading small business financing platform, today announced that BFS Capital (its parent company) has now surpassed more than $2 billion (£1.6 billion) in financing to over 22,000 small businesses across the United Kingdom, United States and Canada.
Q3 and Q4 2018 set new quarterly financing highs for the company
LONDON—22 Jan., 2019—Boost Capital, a leading small business financing platform, today announced that BFS Capital (its parent company) has now surpassed more than $2 billion (£1.6 billion) in financing to over 22,000 small businesses across the United Kingdom, United States and Canada.
Boost provides financing from £3,000 to £125,000 to United Kingdom-based merchants across more than 400 industries, and demand for the company’s products continues to grow. 2018 Fourth-quarter originations were the highest ever in the company’s history.
Alex Littner, Boost Capital’s Managing Director, said: “Boost is one of the fastest growing businesses within the BFS Capital group, and our financing provides much needed capital to the small businesses who dominate the UK economy.”
The latest research carried out by Parliament in 2017 shows that 99% of the 5.7 million businesses in the UK were SMEs. The UK alternative finance market is the largest in Europe, worth up to £6 billion in 2017, which is an increase of 35% year-on-year.
The £1.6 billion origination marker follows the hiring of Mark Ruddock as CEO of BFS Capital in November. Ruddock commented: “In 2018 we enhanced our sales and marketing programs and made significant advances in our underwriting models so that we could better serve small businesses. We’re incredibly proud to see these investments take root as the company continues to solidify its position as a central source for financing small businesses and their everyday capital needs.”
The company recently launched an update to their loan decision tool, enabling Boost Capital to automatically assess loan deals of up to £35,000, instead of just £25,000. This enhancement allows the company to more quickly provide vital funding to a greater number of businesses.
Commenting further, Littner said: “Without Boost Capital financing, some of those businesses would have struggled to realise their potential. Managing cash flow is one the biggest challenges SMEs face and we’re dedicated to helping them, so they can get on and grow their businesses.”
Earlier this month Boost Capital expanded its existing credit line with American investment firm Atalaya Capital Management, increasing its funding capacity by 50% to £47 million from £31 million to support continued growth of the company’s business financing solutions.
About Atalaya Capital Management
Atalaya Capital Management is a privately held, SEC-registered alternative investment advisory firm. Atalaya focuses on making private credit and special opportunity investments across three principal asset classes — specialty finance, real estate, and corporate. Founded in 2006 and headquartered in New York City, Atalaya has approximately $4 billion in assets under management.
About Boost Capital
Boost Capital champions the long-term growth and prosperity of small businesses by providing timely, flexible financing solutions. Boost Capital’s leading small business financing platform leverages customized underwriting and proprietary algorithms to fund businesses in the United Kingdom, and through its parent company BFS Capital in the United States and Canada. BFS Capital and Boost Capital have provided £1.6 billion in total financing to over 22,000 small businesses across more than 400 industries.