EZBob Ltd has received a £20 million boost to increase its lending capacity to small and medium-sized businesses.
EZBob Ltd, which trades as business e-lenders Everline and EZBob, has announced that it has closed its Series C investment round with a £20 million equity investment from Leumi Partners, the investment banking arm of Israel-based Bank Leumi, and funds managed by Oaktree Capital Management, an existing investor.
This latest investment round provides EZBob with additional capital to increase its lending capacity and further develop its leading technology platform to enable more of the country’s 5.2 million SMEs to instantly access the capital needed to fuel their growth plans, any time and from anywhere.
Tomer Guriel, CEO and co-founder of EZBob Ltd says, 'Raising investment from a leading global bank in digitalisation and an active investor within tech is proof of our game-changing technology and unique approach to business lending.
'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 UK’s business lending needs.'
Professor Danny Tsiddon, chairman of Leumi Partners and Leumi Group Deputy CEO adds, 'This is Leumi’s first major investment in FinTech outside of Israel. Business e-lending is rapidly growing around the world and is attracting global banks, who see its potential and allocate more and more resources towards it.
'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 Ltd. has now provided over £100 million funding and over 8,500 loans to small and medium-sized businesses in the UK through its trading brands Everline and EZbob.
The e-lender’s platform links directly to a business’ key data sources, such as cloud-based accounting services, tax reports and bank statements, to make up-to-date and rapid lending decisions based on the business’ performance.
The application process, risk and decisionmaking and servicing are all fully automated, meaning funds of up to £120,000 can be in a business’ bank account within minutes.
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See also: EU funding for SME safety training