ESF Capital has taken a 73.4% stake in ThinCats and will provide investment capital for the ThinCats platform as well as underwriting capital for loans.
It and ThinCats, which has lent more than £140m since its foundation five years ago, have been working together for a number of months and have a detailed plan to accelerate ThinCats’ market presence.
John Mould, CEO of ESF Capital, will become the new CEO of ThinCats and has overall responsibility for driving the business’ growth strategy and delivering benefits for borrowers and lenders.
“The injection of capital and expertise we are bringing to the platform from ESF will focus on strengthening these foundations, pushing loan sizes higher, and developing both products and platform to attract a wide range of investors,” said John.
“The peer-to-peer lending industry is truly coming of age, and today one of the longest of tooth gets a little sharper.”
Kevin Caley, Founder and Chairman of ThinCats, retains his position and is responsible for innovation.
“This investment by ESF is the fuel we need to take the ThinCats platform up a gear, to retain and extend this core lender base and to attract a broader range of investors,” said Kevin.
“It’s a big step forward for the platform, and will allow ThinCats to cement its place as one of the UK’s big four peer-to-peer providers.”
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