Capiota, an Altrincham, UK-based business lending company focused on small and medium-sized enterprises (SME) in the United Kingdom (UK), raised a £30m credit line.
The name of the provider of the funds was not disclosed.
Led by Managing Director Tony Pegg, Capiota provides an online lending platform making business loans of up to £50,000 available to SMEs through an online application process. It allows merchants to apply, gain approval, and receive funding via an application process. Capiota also works closely with SME owners to design automatic repayment plans on a daily schedule rather than a typical loan which is paid monthly. Repayment plans are aligned with the cash flow of the business.
An API will be open for select partners to integrate the online application and underwriting platform into their websites.