Savvy secures £20m debt finance from Cairn Capital to increase lending capacity
Cairn Capital provided the £20m debt facility to help the alternative lender create jobs and expand its lending operations.
Savvy provides an ethical alternative to payday loans by offering accessible online credit for underserved consumers. The business has doubled both its lending and turnover over the past twelve months.
Stockport and Wilmslow fintech company Savvy has secured £20m in debt finance from Cairn Capital to expand its lending capacity. The funding will allow the firm to create 25 new jobs, primarily in software development, social media, and digital marketing.
The investment follows a period of strong growth for the lender, which has doubled its turnover and lending volume over the past year. Savvy operates as an ethical alternative to high cost short term credit, providing affordable loans backed by proprietary decisioning software.
Cairn Capital, a London based multi-billion investment fund, provided the debt facility to support the company as it seeks to double in size over the coming year. The partnership will help foster greater financial inclusion for consumers who lack access to mainstream credit.
From the founder
"This is a transformational investment for the company. It shows what a strong team – headed up by MD Natalie Blain – and product offering we have."
Mark Bowker
Group MD at Savvy
Investor perspective
"Cairn is pleased to provide financing to Savvy, a pioneer in the UK’s online consumer loan arena. We believe this financing will allow the company to further foster greater financial inclusion for underserved borrowers."
Brandon Kufrin
Senior Portfolio Manager, Cairn Capital
Use of funds
- 01Grow the team
- 02Continue product development
- 03Scale operations