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ThinCats toasts five years with £150m birthday milestone PDF Print E-mail
Monday, 22 February 2016

ThinCats, the second peer-to-peer business lender to launch in the UK, and the largest providing secured business loans, marks a major milestone as the platform surpasses £150m in loans to British SMEs. The achievement comes as the Midlands-based lender toasts five years since it was founded in 2010.

ThinCats facilitates secured loans to UK SMEs by connecting them directly with investors through their unique sponsorship network and bidding platform. The platform enables SMEs to look beyond banks and local lenders to reach a UK wide pool of investors, while for lenders, the streamlined process cuts out bank charges delivering average returns of 9%*.

In December 2015, ESF Capital acquired a 73.4% equity stake in the business. The deal provides valuable investment capital for the ThinCats platform, together with underwriting capital for loans. Looking forward to 2016, this investment by ESF will help to take the ThinCats platform up a gear, to retain and extend this core lender base and to attract a broader range of investors.

John Mould, recently appointed CEO of ThinCats said: “Surpassing the £150m mark is a massive achievement and cements ThinCats’ position as one of the top four peer-to-peer lenders. We’re hugely excited about 2016 and with ESF’s acquisition of the company bringing fresh impetus and capital to the platform, we’re hoping to drastically extend our reach to the benefit of British businesses.”

Kevin Caley, Founder and Chairman of ThinCats, commented: “ThinCats has had a stellar five years as a peer-to-peer pioneer. We were the first platform to provide loans through a SIPP, the first to vet loans through a sponsorship network, and the first to use security to shore up loans while retaining high interest rates for lenders.

“Of course, there is plenty more on the horizon and we have big plans for 2016. The arrival of the new Innovative Finance ISA should more than double the volume of investment on peer-to-peer lending platforms, while an increase in institutional investor interest will drive up deal flow. 2016 is the year the industry will finally come of age, and I look forward to ThinCats leading the pack in bold new directions.”

Finance and insurance activities top the list of ThinCats loan recipients, with 14% of borrowers coming from the sector. Lenders have also flocked to invest in Construction (12.9%), Real Estate (12.4%), Manufacturing (11.7%) and Wholesale and Retail (10.8%), which together make up the top five loan recipients.

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