UK specialist lender Amicus launches new commercial finance business

United Kingdom-based specialist lender Amicus has launched a new commercial finance arm focusing on small businesses and professional services firms.

Amicus Commercial Finance offers a revolving working capital facility backed by a proprietary funding platform which employs smart technology and real-time data connectivity. Selling points include a heightened focus on customer service, responsive products, and transparent fees. Companies with an annual sales range between £0.5M and £5.0 will be targeted.

The new venture will be led by John Wilde and David Hogg, who together built SME Invoice Financing from scratch into a company with £12M annual revenue when it was sold to Metro Bank PLC two years ago.

John Jenkins

John Jenkins

Amicus CEO John Jenkins says the larger banks are leaving an important void.

“Large bank-owned subsidiaries are currently responsible for around 85 percent of small business lending, but due to cost savings, many of them can no longer offer the type of localised, relationship-based service that is valued by smaller firms and professional services organisations.”

Mr. Hogg sees the same gap.

“There is a compelling opportunity to create a market leading brand in small business finance. We’re excited to have the opportunity with Amicus to build this business and we look forward to the challenge ahead.”

Mr. Wilde believes a blend of customer service and new technology will be a winner.

“We believe that the market will welcome a fresh approach from a commercial finance provider that is able to combine the strengths of a relationship-driven service with technology-based processing power.”

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