Press Release: CODE Partners with PCF to Provide Vehicle and Asset Finance to UK SMEs

by Nov 9, 2018CODE Investing News

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CODE Investingand PCF Bank, the specialist bank owned by AIM-listed PCF Group plc, are pleased to announce a strategic partnership to provide vehicle and asset finance to the UK SME sector.

City Of London Group partnership

As an institutional partner to CODE Investing, PCF will gain direct lending access to qualified SMEs that require hire purchase and leasing finance to help them acquire a wide range of business-critical assets. The focus will be on SMEs whose investment plans meet pre-determined criteria set by PCF.

PCF has been supporting the UK SME sector for almost 25 years by providing finance to help businesses acquire a wide range of vehicles and equipment such as commercial vehicles, coaches, construction equipment and manufacturing equipment. PCF currently has a portfolio of over £200million of finance receivables spread across over 14,350 customers.

PCF joins a wide range of institutions on CODE Investing’s lender panel, highlighting the increasingly important role alternative finance platforms are playing in helping businesses find the best and most appropriate form of finance — and lenders the most suitable borrowers.

Robert Murray, Managing Director of PCF, said: “Banks and other financial services providers are increasingly turning to alternative finance platforms to assist them in sourcing customers and then delivering their products seamlessly. We have been greatly impressed with CODE Investing’s use of new technology to source and pre-qualify customers and are delighted to be working in partnership with them. We see partnerships like this one as key to the development of our business as we look to grow our portfolio from its current levels to £350million by September 2020 and £750million by September 2022.”

Ayan Mitra, CEO and Founder of CODE Investing, added: “PCF are precisely the type of progressive and flexible lender that we want on our rapidly growing panel. In many sectors, being able to secure competitive vehicle and asset loans is critical to growth. This kind of finance is literally the oil of the broader UK economy, helping to keep it moving, manufacturing and building. Our role will be to act as a filter for PCF, presenting them only with pre-qualified companies that meet their criteria. As they increase their market share, this will ensure their growing portfolio is fully optimised and de-risked.”

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