4Syte, a UK-based independent factoring and asset-based lender, has entered into an agreement with Barclays for the transfer of assets from the bank’s factoring portfolio.
The deal marks a significant step in the growth of the 4Syte factoring business which has continued to thrive despite the pandemic, the business said in a statement.
Nick Sellars, managing director of the 4Syte Group, said: “We are very pleased to have agreed the transfer of this factoring portfolio and are looking forward to welcoming a new set of clients into the 4Syte family.”
4Syte was established by Magnus Gundersen and Nick Sellars in April 2016. Since then, Paul Barker has joined as commercial director and Natasha Souness as head of operations.
4Syte is an independently owned and managed working capital provider based in Chelmsford, Essex, with additional offices in London and Leeds. The business was founded in 2016 and provides specialist factoring services across all sectors (4Syte Funding) alongside a specialist construction sector funding business (4Syte Construction Finance).