multifi, a dynamic UK start-up specialising in finance for small and medium-sized businesses, has secured a capital injection of £10million from Fasanara Capital, a $4billion London-based asset manager and technology platform. It hopes the initial injection will support the growth of businesses across the UK.
Small and medium-sized businesses (SMBs) remain the backbone of the UK economy, accounting for 99 per cent of all companies and employing over 16 million people. However, they remain underserved by banks and financial institutions – meaning a lack of working capital is hindering their growth potential.
Around 11 per cent of these businesses face closure or administration each year, and in 82 per cent of cases, cashflow is cited as the main reason for failure.
Matt Kus, head of origination for developed markets at Fasanara Capital, explained: “As a quantitatively focused asset manager, we are excited by multifi’s prudent risk control framework which heavily leverages technology, enabling it to provide working capital finance to UK SMBs via flexible facilities that can be paid out quickly.
“We are confident that our partnership with multifi will enable them to effectively scale a portfolio providing much-needed funding to UK SMBs, the backbone of the UK economy.”
With the £10million injection, multifi hopes to help the growth of UK businesses with a credit facility of up to £200,000 with a fixed monthly access fee of 0.3 per cent and an interest rate of 1.99 per cent per month on used credit. This affordable finance solution is critical, supporting business owners grappling with cashflow challenges during harsh economic conditions.
Simplifying access to finance
Addressing this challenge, multifi aims to empower growing businesses across sectors, including wholesale, manufacturing, and logistics, by offering an accessible and streamlined business finance solution.
Rob Keown-Boyd, CEO of multifi, also explained how the current economic landscape is working against UK SMBs: “Business finance is overly complex, often leading to immediate rejection for enterprises needing funding. We aim to revolutionise this process by simplifying access to finance.
“Our straightforward platform allows businesses to ascertain their borrowing capacity instantly, and with the initial £10million secured, we are eager to support the growth of SMBs across the UK.”
Through multifi’s intuitive online platform, businesses can swiftly determine their eligibility for up to £200,000 in credit.
Once approved, they can make unlimited payments to suppliers within their credit limit. With competitive and transparent fixed rates, multifi ensures a hassle-free and user-friendly experience for its clients.
The senior leadership team at multifi possesses extensive financial expertise, having held key positions in renowned institutions such as Aldermore, Barclays, Citi, and HSBC. Notably, their collective experience encompasses not only financial institutions but also first-hand management of small and medium-sized businesses, granting them valuable insights into the challenges faced by their key audience.
Following the launch of multifi, the company will work with a carefully selected network of introducers and partners to introduce the product to the market. This phased approach enables multifi to collaborate closely with trusted stakeholders, enabling them to gather valuable insights and customer feedback in real-world scenarios.
By actively listening to its customers’ needs and experiences, multifi also hopes to further enhance its platform, ensuring that the product meets the diverse financial requirements of businesses across the UK.
