Paragon has agreed a £20m facility with Duologi to support the latter’s plans to grow its portfolio to £1bn in five years.
The structured lending team at Paragon provided the facility to the fintech company, which plans to expand its customised point-of-sale consumer finance solutions.
Duologi – which is supported by Oaktree Capital – is registered under the name Specialist Lending Limited, but trades as Duologi.
The company started lending in November 2017 and now has 33 staff and a loan portfolio of £40m.
“We have ambitions to grow the company and have a £1bn portfolio in five years, so this facility from Paragon is an important step in working towards that goal,” said James Irvine, director of compliance and strategic projects at Duologi.
“This is the first structured facility we have taken out and Paragon’s structured lending team has been very supportive in working out a deal that suits our ambitions.”
Duologi uses the latest innovative technologies to allow customers to spread the cost of goods and services.
It is particularly prominent in the estate agency services sector, as well as the healthcare sector, providing finance for IVF treatment, and loans for mobility scooters, furniture and online learning training courses.
Jamie Pickering, director in the structured lending team at Paragon (pictured above, left), added: “Paragon prides itself on using its specialist knowledge to support businesses to grow and achieve their ambitions, including a speciality lender like Duologi.
“It is a relatively young company with a lot of aspirations to expand its business and using our expertise, we were able to create its first facility for £20m.”
Also pictured: Adam Daniels (centre) and Lewis Fitzsimons, part of the structured lending team at Paragon.
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