Following a strategic operations review by owner GLI Finance Ltd., United Kingdom marketplace lender Platform Black has changed its name to Sancus Finance Ltd, effective immediately. GLI transfers its holdings in Platform Black to Sancus BMS Group Ltd.
Sancus Finance’s offerings now include invoice trading, supply chain finance, education finance, vendor partner programs and secured loans. Its geographical coverage takes in the United Kingdom, Ireland, Jersey, Guernsey, Gibraltar and the Isle of Man.
“With a change of ownership to Sancus BMS Group and access to a £50M funding line, the business is now positioned to drive further significant growth and enhance our service to our finders and clients,” Sancus Finance managing director Caroline Langron said. “Being part of a larger group brings many benefits to our clients as we will be able to draw on other resources to deliver a more rounded solution to meet our clients’ financing requirements.”
In a release Sancus Finance said it has provided in excess of £570 million. Enhanced risk management procedures produced a default rate below 0.5 per cent on 2016 transactions.