Alternative finance platform to help UK startups
Praetura Asset Finance, an alternative finance platform, has secured an £18 million investment from the British Business Bank to help UK startups.
The company, which was launched in 2014, provides a wide range of financial services for small businesses, including asset finance, finance leasing, hire purchase and refinancing facilities of between £10,000 and £2 million.
Since its launch, Praetura Asset Finance has lent £75 million to small businesses across a wide range of sectors, including engineering, construction and plant, transport, printing, waste, recycling and agriculture. The company has also seen a turnover of £85 million.
The company will use the funding provided by the British Business Bank to help strengthen its lending capabilities, which will enable it to offer alternative finance to more startup companies in the UK.
The company previously invested in online courier service My Parcel Delivery, a startup company that was featured in Startups.co.uk’s Startups 100.
Commenting on the funding, Praetura Asset Finance Managing Director, Mike Hartley, said that the company is continuously looking for opportunities to further its capabilities and that it is delighted to be partnering with British Business Bank Investments Ltd.
“The investment is another step in the evolution of our business and will be instrumental in enabling us to help more small and medium-sized businesses,” he said.
British Business Bank Investments CEO, Catherine Lewis La Torre, commented: “We are keen to support the growing demand for this type of finance and are pleased to be making this investment in Praetura Asset Finance.”