Currently, around 60% of ThinCats’ loans support businesses outside of London and the South East, with 74% structured as cashflow loans.

In June, the lender secured strategic investment of £160m from Wafra Capital Partners, which will enable ThinCats to lend a further £2bn to businesses across the UK.

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“Mid-sized SMEs have been underserved in terms of funding options for too long, so we are delighted to be providing a genuine alternative,” said Amany Attia, CEO at ThinCats.

“Our model of creating bespoke funding solutions by combining the latest in data analytics with traditional lending at a local level has been well received by the professional adviser community and we thank them for their continued support.

“While lending £1bn is a significant milestone, the recent investment from Wafra Capital Partners will enable us to substantially accelerate the number of businesses we can support in the future. 

“Mid-sized businesses recognise the need to invest as the economy picks up again and we look forward to supporting many more with their growth ambitions.”