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Kuflink reaches £50 million milestone amid busiest quarter to date
Newable completes 100% acquisition of Newable Business Finance
Kuflink has funded over £50 million worth of bridging and development loans via its investment platform since its launch, the peer-to-peer lender has announced.
NACFB Patron, Newable, has completed the acquisition of Newable Business Finance from its joint-venture partner Liberis. Simultaneously, Newable Business Finance has secured an enlarged funding line from its new, senior debt provider Shawbrook Bank.
Of that £50 million, the NACFB Patron has already returned over £23 million in capital to investors and a further £1.3 million in interest. The milestone comes at the tail end of Kuflink’s busiest quarter to date, which has included a successful TV campaign, a brand new website and several key new hires.
Chris Manson, CEO of Newable, spoke of the changes: “Having launched in early 2017, Newable Business Finance has shown great growth and, as part of Newable’s continued expansion, we felt it was the right time to acquire full control of the business.
“It took us over a year to fund our first ten million, and we’ve been on an upward trajectory ever since – we’re reaching each milestone faster than the last,” commented Narinder Khattoare, Kuflink CEO.
“Shawbrook Bank will enable Newable Business Finance to continue to scale and help to address the funding gap faced by many of the UK’s small businesses. I would also like to thank our joint venture partners, Liberis, for their role in supporting the launch and growth of Newable Business Finance,” Chris added.
“Peer to peer has been in the spotlight lately, but this milestone shows that our investors understand why Kuflink is different from some lenders – our thorough due diligence, common sense approach to lending and the millions in capital and interest we’ve already returned to investors are the reasons we’re here for the long haul.
Rob Straathof, CEO of Liberis, said: “Liberis were delighted to help support the launch and growth of Newable Business Finance, and are excited to see them move forward on their journey to fund and mentor UK SMEs.”
“We’re just beginning to launch the first in a series of huge developments for Kuflink that will really shake-up the peer-to-peer market, so watch this space as there is plenty of excitement to come,” Narinder added. 14 | NACFB
Newable Business Finance provides debt finance to UK SMEs from £26,000 to £150,000 for up to five years. It is one of the UK’s leading providers of Responsible Finance and is an active participant in the British Business Bank’s Enterprise Finance Guarantee Scheme.
