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EZBOB Raises $3 Million Courtesy of a Private Equity Investment

byDan Gray
April 7, 2015
in FinTech, News

EZBOB leading provider of instant and online funding for SMEs in the UK has raised £3 million in new capital courtesy of a private equity investment, Finovate reported.

The investment takes the company’s total capital to more than £16 million (more than $23 million USD), including a £7 million debt financing round in February 2014.

The company is backed by the UK Government and is authorized by the EU. EZBOB developed an automated and online lending platform which guides business owners through a short, user-friendly online application. Once registered, ezbob’s proprietary algorithms are able to analyse a business applicant’s creditworthiness in real time and a funding offer is presented to the applicant. The application requires no paperwork and can be completed in minutes.

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Shareholders in the company include the UK Governments Angel Co-Fund and the company was recently appointed financial intermediary by the EU and the European Investment Fund (EIF) providing guarantees against portfolio losses.

EZBOB initial system was launched in 2012 targeting e-commerce businesses (+2,000 loans have been granted to online sellers in 2013). In 2013 ezbob released a system upgrade which included algorithms that allowed for the credit analysis of all UK businesses. All of the 5.2m UK registered businesses and soles traders can now apply for funding in minutes.

With EZBOB’s funding solution, gaining access to working capital is now done through a superior customer experience. Ninety percent of first time borrowers are returning customers.

(image credit: William Warby)

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