Ultimate Finance will make £200m of funds available to SME businesses in the UK, it said in its half-year results.
The figures from the first half of 2018 show a 42.3% increase in cash to customers for the company, which was acquired by independent investment firm Tavistock Group in July 2015.
The Manchester-headquartered Ultimate Finance also reported growth in its client base, with a 26% overall increase since the start of the year. The number of Bridging Finance clients receiving funds from the company increased by 86%, while its Asset Finance client numbers grew by 42%.
Ron Robson, chief executive officer at Ultimate Finance, said: “We have a very simple mantra at Ultimate Finance; businesses need cash in a fast, flexible and fair way. In a market that is often made overly complex with unnecessary jargon and confusing fee structures, our continued growth is testament to our uncomplicated approach to supporting SMEs.
“As a company we are focussed on making the customer journey as easy as it can be, by investing in customer service and technology to provide more access to cash than ever before to thriving businesses across the country. As we enter the next phase of our own journey, we look forward to a strong second half of the year.”
The company has also brought NatWest into its back-to-back syndicated invoice finance facility, alongside renewed commitments from Lloyds Bank and British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank. This provides an additional £40m in funding taking the total facility to £125m, which complements Tavistock’s investment of over £100m to date.
Ultimate Finance was founded in 2001, and in its existence claims to have provided over £1bn in funding to businesses.
Last month the Ultimate Finance Group announced it will bring all Ashley Finance products under the Ultimate brand, eight years after Ashley’s acquisition.