Subprime lender and reseller The Asset Exchange has secured £8m in funding from venture capital firm Boost&Co.
The funding came in the form of “growth capital loan”, which Boost&Co describe on their website as a loan of between £1m and £10m to a profitable firm with a minimum £5m in revenues.
The Asset Exchange provides car loans to subprime customers as well as a marketplace for used vehicles. It was founded as The Car Loan Centre, a name it retains for its customer-facing website and operations,
Alan Tomlin, chief executive of The Asset Exchange, said: “I am delighted to have finalised the funding with Boost&Co, providing me with the necessary finance to grow my business. I was extremely impressed with the speed and professionalism shown by their team throughout the process, and look forward to working with them during my growth phase.”
Lance Mysyrowicz, partner and chief executive of Boost&Co, added: “The Asset Exchange occupies an essential niche in the market, providing vehicles and finance to people who would not normally have access to them. We’re excited to be working with the company’s well-respected management team, and to be helping them to achieve their growth and expansion plans.”