Propel Finance has also formed partnerships with Barclays Business Bank, Azets and Samsung. Credit: Philip Veater on Unsplash.

British asset finance provider Propel Finance has completed its first private securitisation as part of the latest £500m financing round.

The move is aimed at expanding and diversifying Propel Finance’s funding base to drive growth and support SMEs in the UK.

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As part of the transaction, Citi has structured a £275m private securitisation facility and Quilam Capital has provided an additional £35m mezzanine and working capital facility.

The proceeds will aid in the refinancing of Propel’s existing British Business Bank ENABLE funding facility and support growth.

Propel Finance noted that the round bolsters its position in the asset finance space, following its partnerships with Barclays Business Bank, accountancy firm Azets and technology major Samsung to offer financing support to over one million SMEs.

Propel CEO Mark Catton said: “We are thrilled to have completed this latest funding transaction, which marks this latest stage of Propel’s growth in our mission to provide accessible finance to SMEs across the UK. We are an important funding partner of the British Business Bank and are excited by the growth opportunities the new funding lines with Citi and Quilam will provide.”

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Quilam Capital director Jordan Blakesley said: “Quilam is delighted to have helped facilitate the transaction and provide additional growth capital to Propel Finance. This reinforces our commitment to supply larger businesses with the capital to unlock their growth potential. Propel is a rapidly growing asset finance lender and we are pleased to be involved in their journey.”