Boost Capital, a leading provider of small business financing, today announced it has refinanced and renewed 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 for the company’s business financing solutions.
Enhanced credit facility expands company’s capacity to fund business advances and loans, serve SMEs looking to grow
LONDON—22 Jan., 2019—Boost Capital, a leading provider of small business financing, today announced it has refinanced and renewed 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 for the company’s business financing solutions.
Under the renewed terms, Boost will have a higher advance rate and lower benchmark cost of funds. The company will use the credit facility to continue to fund loan originations to United Kingdom-based small and medium sized enterprises (SMEs) that want to grow their businesses.
“With this renewed facility, we can expand our ability to serve high-quality SMEs and build on our momentum after a record-high funding year. We’re focused on creating innovative working capital financing solutions such as our auto-score decisioning tool, which allows us to make offers for financing up to £35,000 in a matter of hours after application, and removes the need for ‘human-touch underwriting,” said Alex Littner, Managing Director of Boost Capital.
“Demand for non-bank small business financing in the United Kingdom is gaining ground, and Boost Capital is well-positioned to capitalise on this trend. We’re pleased to play a part in helping the company fuel growth and further its reach,” said Ray Chan, partner at New York City-based Atalaya.
The financing announcement is the latest in a series of milestones for Boost Capital and its United States-based parent company, BFS Capital. The company recently surpassed £1.6 billion in financing since making its first loan in 2002. In November, BFS Capital announced the hiring of Mark Ruddock as CEO. Ruddock was previously interim CEO of 4finance, Europe’s largest online and mobile consumer lender.
Boost Capital, along with BFS Capital, now support over 22,000 businesses in the United Kingdom, United States and Canada across 400 industries as their primary provider of financing.
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. Boost Capital and BFS Capital have provided £1.6 billion in total financing to over 22,000 small businesses across more than 400 industries.