Small business lending innovator, EZBOB has raised £20 million ($28.8 million USD) in a Series C investment. The round was led by Leumi Partners and Oaktree Capital Management and takes EZBOB’s total capital to more than $83 million.
CEO and co-founder of EZBOB, Tomer Guriel, called the investment “proof” of his company’s platform and strategy for helping small businesses get the funding they need to grow. “This latest investment will further accelerate our growth plans and enable us to continue to develop our proprietary business lending platform to address more of the U.K.’s business lending needs.”
The investment also marks the first major foray into fintech for the Israeli-based Leumi Partners. Leumi Group Deputy CEO Danny Tsiddon explained that, given the strong growth of business e-lending worldwide, “it is only natural that a bank which specialises in Israeli high-tech and spearheads innovation has chosen to invest in this leading FinTech start-up.”
EZBOB says that the additional funding will help the the company both increase its lending capacity as well as improving its lending technology. The company has provided more than £100 million in funding via more than 8,500 loans to SMEs in the U.K. Applying for a loan from EZBOB takes only 10 minutes and businesses can get funding in as little as 30 minutes. Loans are available from between £500 and £120,000, and U.K. businesses with annual turnover of at least £10,000 that have been in operation for at least a year are eligible.
Founded in 2011 and based in London, U.K. EZBOB demonstrated its technology at FinovateEurope 2014.