Reward Finance director Nick Smith has spoken about the continued growth of the business after receiving an additional £10 million investment from Foresight Group LLP to help fulfil the growing demand by SMEs for its business finance, trade finance and invoice finance products.
The latest investment by Foresight, which is a global independent infrastructure and private equity investment manager, has been provided to help fulfil the growing demand by SMEs for its business finance, trade finance and invoice finance products. It comes just eleven months after providing Reward Finance with £40million, which enabled it to double its lending capability.
Reward Finance was founded in 2011 (by the joint managing directors Tom Flannery and David Jones) and now forms 75 per cent of Mettle Investments, a financial services company which is quoted on the South African stock exchange.
Nick Smith, who is the sales and marketing director of Reward Finance, says the additional investment shows the confidence Foresight has in the business.
He said: “The fact that Foresight has added a further £10m to its initial investment of £40m demonstrates the faith it has in us to continue to maintain our impressive growth by providing SMEs with fast and flexible funding to enable them to grow their businesses.
“An increasing number of companies are turning to asset-backed funders like Reward Finance as traditional banks can be slow to react when, more often than not, funds are needed quickly.
“With the extra funding in place we will be able to quickly meet the growing demand for our finance products across the north of England, through our Leeds and Manchester offices.”
Meanwhile, Foresight Investment manager Amy Crofton says the continued investment demonstrates a belief in the future of Reward Financing and the manner in which they take a positive attitude into SME lending. And she spoke highly of the potential for growth, which prompted the additional investment.
She said: “Naturally we were already impressed with Reward Finance’s exceptionally strong track record of profitable growth when we made our original investment of £40million. The company continues to demonstrate huge potential and we have been pleased to invest this additional £10billion to enable the company to fulfil its reputation in the marketplace for a ‘can do’ approach to SME lending.”