The deal has been made so that the combined alternative small business e-lending platform can have a bigger pool of capital from which to refinance existing debt, accelerate growth and provide loans to “thousands” of British small businesses.
Everline and ezbob came together in February 2015 through a merger deal, and have together provided 6,000 loans to SMEs in the UK – with growth reported at more than 200 per cent a year. Explaining what brought about the new fundraising, Everline and ezbob CEO Tomer Guriel said that demand for the company’s product has been growing year-on-year, and the team were keen to secure investment to support more businesses. “As a growing company, we recognise the huge appetite for competitively priced finance options from UK SMEs. With SMEs continuing to find bank lending challenging, they are seeking out alternative options to borrow, at competitive rates, with a reputable company,” he added. “They are often looking to grow their businesses but are met with stumbling blocks due to lack of finance. This is where our product had filled a gap and supported the growing demand.” Guriel said the decision to partner with Oaktree Capital Management was down to a mutual interest in the SME market. As a “top five global equity fund”, he believes the two companies will form a “powerful partnerships with a collective goal”. The Alibaba deal Everline and ezbob signed in March saw the creation of the Alibaba.com e-Credit Line. Small and medium-sized businesses are able to apply for a line of credit, receive approval, and then use that credit to make multiple draw downs to finance purchases on the platform. Read more about SME finance:- SMEs increasingly relying on friends and family for finance
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