Alternative finance platform Praetura lands £18m funding
British Business Bank funding will boost lending capabilities of firm that is one of the lead investors into My Parcel Delivery
Praetura Asset Finance, the company that provides alternative finance to small businesses, has closed an £18m investment from the British Business Bank.
Launched in 2014, Praetura provides asset-based finance, hire purchase, finance leasing and refinancing facilities of between £10,000 and £2m.
To date, the company has lent a total of £75m across small businesses in construction and plant, engineering, printing, transport, waste, recycling and agriculture and also hit turnover of £85m.
The funding will bolster Praetura’s lending capabilities, allowing it to provide alternative finance to more UK start-ups. The firm is one of the lead investors behind Startups 100-featured My Parcel Delivery.
Mike Hartley, managing director of Praetura Asset Finance, commented: “We are continuously looking for opportunities to further our capabilities and are delighted to be partnering with British Business Bank Investments Ltd.
“The investment is another step in the evolution of our business and will be instrumental in enabling us to help more small and medium-sized businesses.”
Catherine Lewis La Torre, CEO of British Business Bank Investments, said: “We are keen to support the growing demand for this type of finance and are pleased to be making this investment in Praetura Asset Finance.”