Multifi secures £10 million to transform financial solutions for small and medium-sized businesses in the UK.

27 Oct, 2023

Multifi secures £10 million to transform financial solutions for small and medium-sized businesses in the UK.

Multifi has successfully secured £10 million in funding with the objective of revolutionizing financial solutions for small and medium-sized businesses (SMBs) in the UK. This funding is particularly aimed at addressing the significant cashflow challenges faced by SMBs, which make up 99% of the UK economy. These challenges have been identified as a primary factor contributing to business closures, with 82% of UK business failures falling into this category.

To combat this issue, Multifi is committed to providing simplified access to credit, focusing on industries such as wholesale, manufacturing, and logistics. The £10 million capital injection comes from Fasanara Capital, a London-based asset manager and technology platform with total assets amounting to $4 billion. These funds will play a crucial role in supporting the growth of UK businesses, allowing them to access a credit facility of up to £200,000.

Multifi's unique financing model includes a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit. The company's senior leadership team brings a wealth of financial expertise, having held key positions in renowned institutions such as Aldermore, Barclays, Citi, and HSBC. Their collective experience in financial institutions and small and medium-sized businesses equips them with valuable insights into the challenges faced by their target audience.

Following the highly anticipated launch of Multifi, the company plans to collaborate closely with a network of introducers and partners to introduce the product to the market. This phased approach will enable Multifi to gather valuable insights and customer feedback in real-world scenarios, further refining and enhancing the platform to meet the diverse financial requirements of UK businesses.

Matt Kus, Head of Origination for Developed Markets at Fasanara, expressed their commitment to supporting the UK SMB ecosystem and their excitement about Multifi's risk control framework and technology-driven approach. They are confident that their partnership with Multifi will effectively scale a portfolio, providing much-needed funding to UK SMBs, which are the backbone of the UK economy.

David Underwood, Director at Metal Trading UK, shared his positive experience with Multifi, highlighting the platform's speed, simplicity, and understanding of the unique needs of SMEs. He emphasized the importance of funding with a viable facility.

Rob Keown-Boyd, CEO of Multifi, emphasized the need to simplify business finance, making it more accessible for enterprises in need of funding. Multifi's straightforward platform allows businesses to quickly determine their borrowing capacity, and with the initial £10 million secured, they are eager to support the growth of SMBs across the UK. Keown-Boyd stated, "We are committed to taking the faff out of finance."