Stuart Baty

Challenger bank backs SME lender




Invoice finance provider 4Syte Funding has agreed a £4m finance facility with specialist lender and savings bank Aldermore.

Chelmsford-based 4Syte – which provides invoice finance of up to £500,000 to businesses across the UK – now hopes to more than quadruple its portfolio size in 2017 after its launch last year.

The news follows research from Amicus Commercial Finance which found that 61% of invoices issued by UK SMEs remain unpaid within the debtor day period.

Nicholas Sellars, managing director at 4Syte, said: “When seeking finance, we spoke to a number of providers, but Aldermore stood out thanks to the flexibility it offered.

“The bank created a bespoke solution for us and turned the deal around at pace within short timescales.

“It is early days for 4Syte and we have set ourselves ambitious growth plans over the coming years, so the support from Aldermore will go a long way to helping us achieve these.”

Last month, Aldermore announced the appointment of new head of relationship management, Stephen Farrelly, who had previously served at RBS Invoice Finance.

Stuart Baty (pictured), head of business development – South, invoice finance at Aldermore, said: “We’re delighted to be able to support 4Syte at this exciting early stage in its story.

“As some lenders have become less flexible in regards to their lending criteria, we are proud to be in a position to step in and assist SMEs of all sizes, both directly and indirectly.

“The funding for 4Syte is just another example of the larger, more complex and bespoke deals that our specialist teams are increasingly putting together for clients.”

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