Shawbrook Bank has launched a technology finance division to provide hardware, software, office equipment, and services to small and medium sized enterprises (SMEs) in the UK.

Kevin Flowerday will lead the division. Prior to this role, Flowerday spent almost 20 years’ in IT financing for banks, finance houses, and specialist brokers. He will be based at Shawbrook House in Dorking where the technology finance division will be located.

Flowerday said: “Our specialist division can now deliver financial solutions that spread the costs of upfront investment, lock-in future receivable lines and give customers the flexibility to alter their license usage annually.”

In addition to hardware, the technology finance division will offer products such as 100% software and service leasing, maintenance and hosted software financing, and variable software license and maintenance agreements.

Kieran McSweeney, managing director of specialist sectors, said: “With hosted software usage on the increase and customer requirements to vary their license usage through the term of their agreement, having a solution to these customer and channel requirements is the next step in the evolution of technology finance.

“Our specialist division can now deliver financial solutions that spread the costs of upfront investment, lock-in future receivable lines, and give customers the flexibility to alter their license usage annually.”

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By GlobalData