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UK SME e-lender EZBob plots further expansion with £25m debt funding facility

Online business lender EZBob Ltd has announced it has secured a three-year £25m debt funding facility as it plots further expansion following its successful Series C funding round in March.

Both Shawbrook Bank and investment firm Honeycomb Investment Trust have agreed to provide debt facilities to the FinTech firm, who trade under the Everline and EZBob brand.

It follows the successful completion of a £20m Series C funding round in March which drew significant backing from Israeli financial institution Leumi Bank, as well as Oaktree Capital Management.

The firm utilises a fully automated platform to provide small businesses with loans of up to £120k, automatically drawing data from sources such as cloud based accounting services, tax reports and bank statements, to make rapid decisions about whether to approve a loan or not.

Tomer Guriel, Chief Executive Officer at EZBob, said: “Securing senior debt facilities from two leading UK financial institutions allows us to tap into a lower cost of capital funding, which we can then pass onto our customers to help support even more of the UK’s small businesses.

“Receiving this financial backing is also testament to the unique technology powering our proprietary automated lending platform and will enable us to accelerate our growth plans.”

Lindsey McMurray, Honeycomb Investment Trust, added: “We have known the team and the business for a number of years and are excited about the opportunity to support them in their next phase of growth.

“We have been impressed by both the team and their technology platforms and believe it puts them in a strong position to support UK SMEs, a sector that many lenders have retrenched from in recent years.”

With many UK SMEs struggling to tap into sources of funding, EZBob’s easy lending approach seems to be proving popular with small business owners, with EZBob claiming to have already provided over £100 million and over 8,500 loans to various UK businesses.

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