4Syte Funding, a Chelmsford-based provider of invoice finance services to SMEs, has agreed a new finance facility worth £4m with challenger bank Aldermore.
4Syte was established in June 2016 by ex-industry professional Nicholas Sellars and former investment banker Magnus Gundersen. The senior management team was joined by Paul Barker and Natasha Souness and is backed by private equity house Balder Capital.
The company offers invoice finance funding of up to £500,000 to businesses in the UK, and said it is targeting four-fold growth in its book size this year.
By supporting 4Syte with this revolving invoice discounting facility, Aldermore is increasing its presence in the back-to-back lending arena, offering funding to wholesalers which then provide finance solutions directly to a wide network of SMEs of all sizes.
Nicholas Sellars, managing director at 4Syte, said: “When seeking finance, we spoke to a number of providers, but Aldermore stood out thanks to the flexibility it offered. The Bank created a bespoke solution for us and turned the deal around at pace within short timescales. It is early days for 4Syte and we have set ourselves ambitious growth plans over the coming years, so the support from Aldermore will go a long way to helping us achieve these.”
Stuart Baty, head of business development – south, invoice finance at Aldermore, said: “We’re delighted to be able to support 4Syte at this exciting early stage in its story. As some lenders have become less flexible in regards to their lending criteria, we are proud to be in a position to step in and assist SMEs of all sizes, both directly and indirectly. The funding for 4Syte is just another example of the larger, more complex and bespoke deals that our specialist teams are increasingly putting together for clients.”