Aldermore Bank has provided over £200m (€234m) in block discounting since it began offering the product in 2011.

The UK challenger bank provides facilities of £1m or greater to smaller funders who then use the money to provide asset finance funding to small and medium-sized enterprises (SMEs).

Hywell Prewett, business development manager, wholesale and structured asset finance at Aldermore, said: “Our block discounting business has achieved strong growth in recent years, and we’re keen to continue developing our offering to specialist lenders, helping us to extend our reach to the UK’s SMEs.”

Lee Rhodes, commercial director, wholesale and structured asset finance at Aldermore, said block discounting had enabled the bank to expand the reach of its wholesale proposition, and they now hoped to increase its consumer base.

He said: “We are now looking to drive our next phase of growth and will be aiming to achieve this by increasing our customer base, supporting the wider Aldermore business and developing our product offering to enable us to continue to support the ambitions of the UK’s fast-growing SMEs.”