Free2 secures £305m in credit and debt facilities from NatWest Markets and an unnamed European fund to fund customer loans and launch operations.
The funding comprises a £200m securitisation facility and £105m in junior debt.
Free2 is a financial services provider developing tailored products for the over 55s market in the United Kingdom. The firm combines proprietary technology with human service to offer alternatives in later life lending.
Free2 has secured a £305m funding package comprising debt and credit facilities to finance new customer loans, working capital, and the upcoming launch of its maiden product. NatWest Markets provided a £200m securitisation facility, while a European special situations fund supplied £105m in junior debt. The capital will support the company as it enters the market with later life lending solutions aimed at customers aged 55 and over.
Established by Paul Lindsay, the London based firm has spent two years developing its proprietary platform. The technology automates application processes and incorporates decision-based safeguards to identify vulnerable customers. The fresh capital enables the business to execute its commercial launch scheduled for June.
From the founder
"It is largely unprecedented for a start-up to sign such significant credit facilities with institutional partners. That we’ve been able to do so is a powerful endorsement of our business proposition and the brand that Free2 plans to develop."
Jamie Robinson
Chief Capital Officer at Free2
Use of funds
- 01Continue product development