Over the same period, the alternative finance provider delivered over 120 new deals, an increase of 32% over the previous year. 

Profit before tax hit £4m in Reward’s sixth full year of operation. 

The lender increased its maximum loan term to two years, which has been facilitated through an additional £40m cash injection by Foresight Group. 

Tom Flannery, joint managing director at Reward Finance (pictured above, left), said it was at the forefront of the alternative finance market and from the start it had always looked for a point of differentiation from other lenders.

“Quick decision making and certainty of delivery – on short-term lending – were two things that had all but disappeared for SMEs.   

“Over the years, we have expanded our product range to ensure we can meet all the cash flow requirements of businesses and by ensuring the client has the funds when they need them.

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“To be able to do this, it was essential to build a knowledgeable and empathetic team to adopt a commonsense approach and build long-lasting relationships through responsible lending.”

Reward’s growth was aided by the opening of a new Manchester office and the hiring of nine experienced people across this office and the one in Leeds.

“It was an excellent year all round and we are keen to build on our continued success by attracting even more experienced and well-connected funders to the team,” said Nick Smith, group sales and marketing director at Reward Finance (right). 

“We will also be concentrating on establishing ourselves as a key player in the North West. 

“Consistency, transparency and the ability to understand a client’s borrowing needs – to develop a bespoke solution around them – are the values that underpin the Reward model.”

Also pictured above: David Jones, joint MD at Reward Finance