HSBC UK announces increased support for ‘next level’ tech businesses to £350m

HSBC UK has responded to growing demand from high growth tech scale-ups across the regions by increasing the size of its ‘Growth Lending’ offering by £100m to £350m.

Launched last year in response to the UK Government’s call for additional investment in the sector, the allocation provides access to finance and HSBC’s unique international expertise in order to help high growth tech businesses achieve their global ambitions earlier in their growth journey.

‘Growth Lending’ is targeted at high-growth tech scale-ups, who are supported by a strong equity backing, have a proven sales track record, and a clear path to profitability. It provides scale-ups with access to up to £15m in financing to support their early stage growth ambitions.

In the 12 months since launch Growth Lending has demonstrated support to regional economies, with 50 per cent of deals finalised being with firms outside of London.

While the deals have been agreed with high-growth scale-ups operating under the broad Tech umbrella, the variety of specific sub sectors includes firms involved in: CleanTech, Cybersecurity, EdTech, FinTech, Haptics, HealthTech, Nanotech, and Software & Digital Platforms.

Roland Emmans, Head of UK Tech Sector & Growth Lending at HSBC UK, commented: “The increase to ‘Growth Lending’ restates HSBC UK’s commitment to improving the tech ecosystem to ensure the UK remains one of the best places in the world to start and run a technology business.

“What’s most interesting is half the firms being helped by ‘Growth Lending’ are based outside of London, clearly demonstrating that ambitious digital technology businesses no longer feel it’s essential to be based in the capital and are able to tap into talent pools around the UK.”

Growth Lending sits alongside other funds including HSBC UK’s £500 million fund for SME tech businesses, part of a broader £15bn lending fund to support small and medium-sized enterprises (SMEs) across the UK.

By Matthew Neville – Senior Correspondent, Bdaily

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