Alternative small business lenders Everline and Ezbob have received a £30m funding boost from Oaktree Capital Management, the parties have announced.
This transaction, in the form of convertible debt, will provide additional capital to allow Everline and ezbob to refinance existing debt, accelerate its growth and provide loans to thousands more small businesses in Britain.
This major investment follows the announcement of Everline and ezbob’s pioneering partnership with Alibaba.com, as well as their loan guarantee agreement with the European Investment Fund with a value of £40 million.
Together, Everline and ezbob have already provided 6,000 loans to SMEs, and the companies are growing in excess of 200% per annum.
>See also: ‘Conservative’ UK market ready for alternative lending
Ezbob acquired Everline, a fellow small business lender, in February 2015 to create the U.K.’s biggest business e-lender.
Since that time, the company has announced a partnership with Alibaba.com, as well as the first loan guarantee agreement in the U.K. with the European Investment Fund (EIF) under the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) to the value of £40 million.
Tomer Guriel, CEO of Everline and Ezbob, said he was proud that “Oaktree has chosen our company as their first business e-lending investment in Europe”.
“This transaction represents an endorsement for our vision for Everline and ezbob,” he said.
“We look forward to partnering with Oaktree to continue developing and growing our business, we have already provided 6,000 loans to small and medium-sized enterprises and are growing in excess of 200% per annum.
“We believe this transaction will further accelerate our growth and enable us to support even more UK small businesses.”
Further reading on alternative funding:
