Growth Lending launches comprising specialist working capital providers GapCap, BOOST&Co and KXMedia Capital
We are pleased to announce the launch of Growth Lending.
Alternative financier of the year 2019 GapCap was acquired in December 2019 and has joined forces with specialist media capital provider KX Media Capital and the working capital arm of BOOST&Co to launch Growth Lending. The group has created a global platform to provide growth funding for SMEs.
The group has been launched with a fresh cash injection of more than £55m from an international group of funders, which include Cairn Capital and some of Europe’s largest pension funds, with the aim of becoming the largest private SME financing company in the UK.
Since 2014, GapCap has provided cashflow funding of more than £400m to growing UK businesses. In December 2019, GapCap was acquired and joined Growth Lending, with founder and chief executive Alex Fenton becoming the group’s chief executive officer. He will work alongside BOOST&Co’s head of working capital, Kristina Oliver, who becomes Growth Lending’s chief investment officer; they will share responsibility for the group’s day-to-day operations.
BOOST&Co’s working capital arm provides facilities of £2m to £20m to fast-growing UK SMEs. With offices in London, Manchester, Bristol and Cambridge, as well as Cape Town, BOOST&Co is speeding up the growth of SMEs across the country.
KX Media Capital launched in March 2020, after the buyout of the UK arm of the specialist media capital provider FastPay. FastPay has been providing cashflow solutions to the media sector since 2009 and KX Media Capital will continue to supply specialist products to the media tech sector.
Kristi Oliver and Alex Fenton, who will run the group’s day-to-day activities, say:
“It is immensely exciting to launch the group, which we have been working on now for a few months. With the current uncertainty surrounding COVID-19, we are doing everything we can to support our clients and prospects through a very tricky time. As things do return to normal, we both are really looking forward to being able to deliver funding to some really exciting growing businesses.”