Propel Finance completes first private securitisation financing round

Investment bank Citi has structured a £275m private securitisation facility with the business, while Quilam Capital has provided an additional £35m mezzanine and working capital facility. This is designed to enable the partial refinance of Propel’s existing British Business Bank ENABLE funding facility and support further growth.

Propel has said the move will support its “emergence as a leading force in asset finance”, following the announcement of its strategic partnerships with Barclays Business Bank. 

Propel chief executive Mark Catton said: "We are thrilled to have completed this latest funding transaction, which marks this latest stage of Propel’s growth in our mission to provide accessible finance to SMEs across the UK. 

“We are an important funding partner of the British Business Bank and are excited by the growth opportunities the new funding lines with Citi and Quilam will provide. I should also acknowledge the brilliant work of the Propel team in getting this transaction successfully completed." 

Quilam Capital director Jordan Blakesley added: "Quilam is delighted to have helped facilitate the transaction and provide additional growth capital to Propel Finance. 

“This reinforces our commitment to supply larger businesses with the capital to unlock their growth potential. Propel is a rapidly growing asset finance lender and we are pleased to be involved in their journey."