The SME financing platform has refinanced its credit line with investment firm Atalaya Capital Management, increasing its funding capacity from £31m.

Boost will now have a higher advance rate and lower benchmark cost of funds under the renewed terms.

Alex Littner, managing director at Boost Capital (pictured above), said: “With this renewed facility, we can expand our ability to serve high-quality SMEs and build on our momentum after a record-high funding year.

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“We’re focused on creating innovative working capital financing solutions, such as our auto-score decisioning tool, which allows us to make offers for financing up to £35,000 in a matter of hours after application, and removes the need for ‘human-touch’ underwriting.”

Ray Chan, partner at Atalaya, added: “Demand for non-bank small business financing in the UK is gaining ground, and Boost Capital is well positioned to capitalise on this trend.

“We’re pleased to play a part in helping the company fuel growth and further its reach.”

Boost Capital has also announced that it has now issued more than £1.6bn in financing to over 22,000 SMEs across the UK, USA and Canada through its parent company BFS Capital.

Alex concluded: “We’re really proud to have passed this milestone.

“The £1.6bn in originations isn’t just a number— it’s a vital lifeline that we’ve provided to the small businesses [which] dominate the UK economy.”