Fintech launches £40m lending facility to support SMEs through COVID-19 disruption

A London-headquartered fintech has launched a multi-million pound lending initiative to support SMEs impacted by the COVID-19 pandemic.

Ebury has unveiled an initial £40m lending facility to help UK SMEs manage their working capital during the coronavirus crisis.

Founded in 2009, Ebury provides SMEs with global transaction banking services and employs 1,100 staff across Europe.

In November last year, banking giant Santander agreed to acquire a 50.1 per cent stake of the firm for £350m.

Ebury aims to expand the initiative by collaborating with governments in the UK and Europe, channeling existing COVID-19 aid packages.

Juan Lobato, co-founder of Ebury, commented: “Getting finance to UK companies is essential in helping manage the cash flow pressures they are currently experiencing and Ebury is delighted to be offering this financing initiative.

“Ebury was founded to fill a gap left by the 2008 financial crisis and in this latest crisis it is ideally placed to help the government’s distribution of its financial aid packages to large and small businesses.”