Alternative financier of the year 2019 GapCap was acquired in December 2019 and has joined forces with specialist media capital provider KX Media Capital and the working capital arm of BOOST&Co to launch Growth Lending. The group have created a global platform to provide growth funding for SMEs.
The group has been launched with a fresh cash injection of more than £55m from an international group of funders, including Cairn Capital and some of Europe’s largest pension funds, with the aim of becoming the largest private SME financing company in the UK.
Since 2014, GapCap has provided cashflow funding of more than £400m to growing UK businesses. In December 2019, GapCap was acquired and joined Growth Lending, with founder and chief executive Alex Fenton becoming the Group’s chief executive officer. He will work alongside BOOST&Co’s head of working capital, Kristina Oliver, who becomes Growth Lending’s chief investment officer; they will share responsibility for the group’s day-to-day operations.
BOOST&Co’s working capital arm provides facilities of £2m to £20m to fast-growing UK SMEs. With offices in London, Manchester, Bristol and Cambridge, as well as Cape Town, BOOST&Co is speeding up the growth of SMEs across the country.
KX Media Capital launched in March 2020, after the buyout of the UK arm of the specialist media capital provider FastPay. FastPay has been providing cashflow solutions to the media sector since 2009 and KX Media Capital will continue to supply specialist products to the media tech sector.
Alex Fenton, founder of GapCap and Growth Lending’s chief executive, says:
“Our story is a great one – we have come a long way from our early days in a store cupboard. Given the current uncertainty around COVID-19, we are focused on supporting our existing clients and prospects during a very tricky time. As things get back to normal, I can’t wait to get to work alongside Kristina to support more exciting, growing businesses.”
25th March 2020