PCF Bank has partnered with CODE Investing to provide vehicle and asset finance to UK SMEs.
As an institutional partner to CODE Investing, the specialist bank will gain direct lending access to qualified SMEs that require hire purchase and leasing finance to assist them with acquiring a range of business-critical assets.
PCF Group – which owns PCF Bank – has been supporting UK SMEs for almost 25 years by providing finance to help businesses acquire a range of vehicles and equipment, including commercial vehicles, coaches, construction and manufacturing equipment.
PCF currently has a portfolio of over £200m of finance receivables spread across over 14,350 customers.
Ayan Mitra, CEO and founder of CODE Investing, said that PCF was precisely the type of progressive and flexible lender that it wanted on its rapidly growing panel.
“In many sectors, being able to secure competitive vehicle and asset loans is critical to growth.
“This kind of finance is literally the oil of the broader UK economy, helping to keep it moving, manufacturing and building.
“Our role will be to act as a filter for PCF, presenting them only with pre-qualified companies that meet their criteria.
“As they increase their market share, this will ensure their growing portfolio is fully optimised and de-risked."
Robert Murray, managing director at PCF Bank, added: “Banks and other financial services providers are increasingly turning to alternative finance platforms to assist them in sourcing customers and then delivering their products seamlessly.
“We have been greatly impressed with CODE Investing’s use of new technology to source and pre-qualify customers and are delighted to be working in partnership with them.
“We see partnerships like this one as key to the development of our business as we look to grow our portfolio from its current levels to £350m by September 2020 and £750m by September 2022."
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Nationwide partners with seven fintechs to support financially squeezed
Nationwide Building Society has selected seven fintech companies to create apps that will increase financial capability...
Metro Bank to open first store in Liverpool
Metro Bank is set to open a new store in Liverpool on Paradise Street...
Investec removes SVR from all new fixed rate mortgages
Investec Private Bank has removed the standard variable rate (SVR) on its two-, three-, four-, five- and 10-year fixed rate product range for all new clients...
Mid-size automotive manufacturers miss out on £25bn in revenues
UK mid-sized automotive manufacturers could be missing out on £25bn in revenues as a result of insufficient access to funding, according to research from Wyelands Bank...
Leek United hires new finance director
Leek United Building Society has named Rob Broadbent (pictured above) as its new finance director...
Handelsbanken posts 7% lending surge
Handelsbanken has revealed in its latest quarterly results that its UK lending increased by 7% to £21.1bn in Q1 2019 compared with the same period last year...
Al Rayan Bank expands Birmingham headquarters
Al Rayan Bank has expanded its operational headquarters in Edgbaston, Birmingham...
Cynergy Bank bolsters senior leadership team
Cynergy Bank has strengthened its senior leadership team with two new appointments...
Dispelling overseas property investment myths
When people talk about overseas buyers ‘snapping up’ UK property, assumptions about their supposed negative impact on the housing market abound...
Arbuthnot Latham appoints private banker to Manchester office
Arbuthnot Latham has announced the appointment of Barry Grieve as senior private banker to its Manchester office...
United Trust Bank launches exclusive broker promotion
United Trust Bank (UTB) has launched its 2019 ‘Live and Learn’ broker promotion...