Everline and EZBob bag £25m debt funding
The business e-lenders plan to open up funding to more UK small businesses "at more affordable rates"
EZBob Ltd, combining online lenders Everline and EZBob, has secured a three-year £25m debt funding facility to increase its funding for UK small and medium enterprises.
The funding, from Shawbrook Bank and Honeycomb Investment Trust, follows a £30m round in 2015 from Oaktree Capital.
Last year, EZBob acquired Everline from its parent company Wonga to “create the UK’s biggest online business lender”and the two sites have now provided over £100m and 8,500 loans to small businesses across the country.
EzBob has said that the deal is evidence of how it is “working with the traditional banking sector to better serve the needs of small businesses”.
Co-founder and CEO, Tomer Guriel, commented: “Receiving this financial backing is also testament to the unique technology powering our proprietary automated lending platform and will enable us to accelerate our growth plans.”
Lindsey McMurray, of the Honeycomb Investment Trust, added:
“We have known the team and the business for a number of years and are excited about the opportunity to support them in their next phase of growth. We have been impressed by both the team and their technology platforms and believe it puts them in a strong position to support UK small and medium-sized enterprises; a sector that many lenders have retrenched from in recent years.”