April 28, 2015
The UK’s largest alternative small business e-lender, Ezbob, has received $46 million in Series C funding. The investments received are from funds managed by Oaktree Capital Management in the form of convertible debt. So far, the company has raised a total of $66.5 million in funding. Fresh investments received serve as additional capital to allow Ezbob to refinance existing debt, accelerate growth and increase lending to help more small businesses in the UK.
Everline, a small business lender that was once part of Wonga, was acquired by Ezbob. Ezbob and Everline together have become the largest alternative small business e-lenders in the UK. These brands currently operate under the umbrella of Orange Money. The companies have provided 6,000 loans to small and medium businesses, totaling more than $83 million, and are growing in excess of 200 percent per annum.
Orange Money enables small businesses to borrow funds at an average interest rate of 16 percent. The online application takes ten minutes to complete and requires no paperwork. Applicants will be able to apply and receive funding 24/7, all year round. The company’s automated systems help in providing financial offers based on the information collected over the internet. Credit extensions are based on the extensive information collected about the applicant’s business through an automated system.
Ezbob won the best business award for financial provider and best customer service in 2014. After acquiring Everline, the company announced a partnership with the Chinese internet giant Alibaba to help British companies purchase supplies from the online retail giant. The partnership has allowed British companies to set up a credit line through Alibaba’s website, rather than paying upfront for the purchases. The company also has an agreement with the European Investment Fund that is aimed towards benefiting more than 3000 small and medium businesses in the next two years.