Propel Finance, a UK asset finance provider, is now managing more than £500 million of lending to UK SMEs, originated through ‘Propeller’, its proprietary digital platform. This milestone reflects the demand from UK businesses to finance investment in vital equipment. 

According to a statement by the company, Propel has seen over 400% growth since 2020. Their landmark strategic partnerships with leading organisations such as Barclays Business Banking, Azets, Samsung Capital and a number of the largest UK intermediaries have given over one million SMEs the opportunity to access fast and flexible asset finance to boost investment and growth.  

Propel has recently added to its digital capabilities with PropelPay. This Fintech offering will allow OEMs, distributors, vendors and merchants to offer a digital finance payment option for SMEs through their e-commerce customer journey, at online checkout. 

Mark Catton, CEO of Propel, said: “We are supporting more than 1,000 new SME customers every month, through a combination of great technology and leading customer service levels. Our growth is built on those foundations. 

“We have many brilliant partners who trust us to serve and support their customers wishing to invest in business-critical equipment. Passing £500m of lending on our platform is a great milestone for us, and we’re set up to continue to grow and support the UK SME eco-system.”

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By GlobalData