Propel Finance secures £1.5bn from major financial institutions to expand SME lending capacity
The funding round includes participation from Barclays, Bank of America, Citi, and the British Business Bank.
Newport-based Propel Finance provides asset finance solutions and digital funding platforms to help small and medium-sized enterprises acquire essential equipment.
Propel Finance has secured £1.5bn in funding from Barclays, Bank of America, Citi, and the British Business Bank. The Newport-based asset finance provider will use the capital to more than double its lending capacity for small and medium-sized businesses across the United Kingdom.
Operating for over three decades, the company has supported more than 50,000 UK firms through its digital platform, Propeller. The latest injection of capital allows Propel to expand its lending operations and accelerate the development of sustainable finance products.
The investment underscores growing institutional support for alternative lending models that bypass traditional banking friction. Propel aims to deploy the funds to meet strong demand for flexible equipment and vehicle financing among British businesses.
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Propel Finance
Propel Finance provides asset finance to help small and medium-sized enterprises acquire essential equipment.