£30m cash injection for Everline and ezbob
Small business lenders set to provide additional loans to “thousands” of UK entrepreneurs
Online lending platforms Everline and ezbob have secured £30m from Oaktree Capital to “accelerate growth” and provide loans to “thousands” more UK small businesses.
In February 2015, ezbob acquired Everline from its parent company Wonga to “create the UK’s biggest online business lender” with the two sites having collectively provided over 6,000 loans and lent over £60m to small and medium-sized enterprises since their inception in 2012.
The deal, in the form of convertible debt, follows ezbob’s recent partnership with global wholesale trade platform Alibaba.com to help small firms access trade financing more easily when dealing with Chinese suppliers.
This latest finance will be used to refinance existing debt and increase its loan offering as Everline and ezbob CEO Tomer Guriel explained:
“We look forward to partnering with Oaktree to continue developing and growing our business, we have already provided 6,000 loans to small and medium-sized enterprises and are growing in excess of 200% per annum. We believe this transaction will further accelerate our growth and enable us to support even more UK small businesses.”