EZBob Ltd, a London, UK-based online lending platform, closed a £20m Series C funding (approx. $28.81m).
Backers included Leumi Partners, the investment banking arm of Israel-based Bank Leumi, and existing investor Oaktree Capital Management LP.
The company intends to use the funds to increase its lending capacity and further develop its technology platform.
Led by Tomer Guriel, CEO and co-founder, EZBob has now provided over 8,500 loans amounting over £100m funding to small and medium-sized businesses in the UK through its trading brands Everline and EZbob.
Its smart lending platform links directly to a business’ key data sources, such as cloud based accounting services, tax reports and bank statements, to make up-to-date and quick lending decisions based on the business’ performance. The application process, risk and decision making and servicing are fully automated, meaning funds of up to £120k can be in a business’ bank account within minutes.
In the last 12 months, the startup has announced a partnership with Alibaba.com, as well as the first loan guarantee agreement in the U.K. with the European Investment Fund (EIF) to the value of £40m.
The UK government-supported Angel Co-Fund is also an investor in the company.