Portfolio Highlights
- Total loan book recorded a growth in excess of 40% during the H1 period, primarily fuelled by a substantial 145% increase in originations across all product offerings.
- Business loan books witnessed an impressive surge of over 25%.
- Property loan book experienced an increase of over 75%.
Our success is not solely measured by the numbers, but also by the strength of our introducer panel. Our panel has experienced a notable 22% increase compared to the previous quarter, a testament to our dedication to collaboration and our ability to deliver exceptional service to our partners.
Notably, construction, retail trade, entertainment, recreation, and travel have experienced substantial growth. However, we are not limiting ourselves to these sectors alone. Our strategic vision revolves around providing tailored financial solutions across a wide range of industries. We are actively partnering with introducers to extend support to SMEs operating in manufacturing, agriculture, transport, and other professional services. This initiative empowers UK businesses with customised financial solutions, fostering growth in critical sectors.
Luke Jooste, CEO of Momenta Finance said “Our success going into the year has been a result of our strategic focus on business loans and a compelling rebrand, both of which have amplified our market presence. As we continue to grow, our commitment remains centred on empowering UK SMEs and nurturing success across diverse industries”.
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta Finance offers a panorama of lending options, including business finance, bridging loans, and business cash advances. The company’s commitment to transparency, tailored and credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank and upholds the highest industry standards.
UK-wide business lender Merchant Money (Momenta Finance) has been shortlisted in the Unsecured Lender of The Year category of the prestigious NACFB Patron Awards.
MM was chosen based on the previous 12 months success in providing unsecured funding facilities through its broker network to UK SME’s. These facilities were in the form of RLS loans, backed by the British Business Bank and non-Government backed traditional loans. MM also successfully raised an additional £150 million funding line provided by a major UK clearing bank and Shawbrook, in support of lending. This was their largest single fund raise to date. As a net result, MM grew its combined unsecured loan book more than 35%.
Several factors make this achievement remarkable:
- MM being an SME itself.
- Being accredited by the British Business Bank for this scheme, following their partnership under the CBILS scheme in 2020.
- MM maintained average turnaround times at 24/48hrs, despite receiving a high volume of applications.
- MM made a commitment to lend right up until the RLS deadline. Many other lenders had stopped lending, giving SMEs access to vital funds
- MM maintained a high (4.7) Trust Pilot score from customers
Luke Jooste, CEO of MM comments ‘I am delighted that we have been shortlisted for this important industry award and I am incredibly proud of our team that continues to keep UK SMEs at its heart. We will once again be looking for the support of our brokers when voting opens. I look forward to meeting the other deserving finalists on the night.’
This year there were over 230 applications from more than 70 organisations across 15 categories. The awards will take place on Thursday 24th November 2022 at the Westminster Park Plaza.
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta Finance offers a panorama of lending options, including unsecured and secured business finance, bridging loans and business cash advances. The company’s commitment to transparency, tailored and credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank and upholds the highest industry standards.
Bolstering Lending Books and Position in Evolving SME Market
Momenta Finance is delighted to announce £115m of additional funding from Barclays Bank PLC and new partner Quilam Capital.
The funding will be used to grow its lending books across its secured and unsecured products. This will add to its existing senior funding lines.
Since 2013, Momenta Finance has been steadfastly providing secured and unsecured business loans to SMEs on a UK-wide basis. The business, which secured British Business Bank accreditation for CBILS & RLS lending respectively, added bridging and secured loans to its offering in 2020. An area in which it has achieved good success to date.
Challenging market conditions have seen a continued retrenchment of traditional high street lenders and alternative funders in the SME lending space. Momenta Finance is now well positioned to grow in this market.
“We are extremely proud to have secured such significant funding lines from two prestigious partners in difficult market conditions. The funding package consists of a combination of senior and junior capital. Allowing for an even more compelling product offering. We have already funded our first deals using this capacity and the market reaction to our improved products has been extremely positive”.
Matt Glew, Director at Quilam Capital stated:
“We are very happy to be supporting Momenta Finance into what we expect to be a very exciting next stage of its journey. Despite the current headwinds, there remains significant market opportunity in the SME space. Which the business is now in a prime position to fully capitalise on. We have been very impressed by the ambitions of the management team and are looking forward to seeing our capital deployed in order to help achieve their goals.”
“We are delighted to support Momenta Finance with a new senior warehouse facility that will assist in funding the business’s growth plans in the UK SME sector. Our strategy in the Corporate and Investment Bank is grounded in delivering for clients.”
Behind the scenes, Momenta Finance has been working hard to ensure the business is in the best shape possible to deploy this additional capital. This involved the recruitment of fifteen additional members of staff across a broad range of functions. Introducing open banking and launching a new online broker portal.
“Despite the likelihood of a tough trading environment during 2023, our goal remains to support the UK SME sector. Alongside our supportive founding shareholders, this new funding will fuel the next phase in Momenta Finances growth aspirations. We are incredibly excited to be partnering with Quilam who bring a wealth of knowledge and expertise in the specialist lending space”.
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta Finance offers a panorama of lending options, including unsecured and secured business finance, bridging loans, and business cash advances. The company’s commitment to transparency, tailored credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank and upholds the highest industry standards.
We are proud to report exceptional performance in Q1 of this year, with origination growth up significantly compared to 2022. This achievement was made possible by the successful improvements made to our unsecured and secured business loans, which were as a result of the £115m funding raised from Quilam Capital and Barclays Bank PLC. In addition, we expanded our business development team and welcomed Jake Bebbington and Alex Forster, who are supporting Tom Shave, our Sales Director.
First Quarter Achievements in Multiple Sectors and Acclaim from Brokers
We are delighted to see our first quarter success spread across a wide range of sectors. This includes care homes, automotive, dental, manufacturing, logistics, and event organisers across the UK. This accomplishment is further strengthened by the feedback from our broker community. They highlight the 5-year term, competitive pricing, and account management as the particular strengths of our offering.
Luke Jooste, our CEO, remarked, ‘We expected the additional funding and product improvements to be well received, but the tremendous feedback from our broker community has surpassed our expectations. As we move into Q2, we’re eager to build on this momentum. We attribute this achievement to the unwavering commitment of our team to provide innovative financial solutions to UK’s SMEs. We also extend our heartfelt gratitude to our valued broker partners. Their invaluable support and feedback played a key role in our phenomenal growth.’
Looking ahead, we plan to continue growing our loan book by fully utilising our existing funding lines. Despite the challenging macroeconomic environment for UK SMEs, we remain committed to supporting them to the fullest extent possible. Simultaneously, we aim to strengthen our relationships with our network of business introducers.
If you’re interested in learning more about our business loan products or joining our broker panel, please email broker@momentafinance.co.uk. We look forward to continuing to work with our broker community to empower UK SMEs with the financing solutions they need to thrive.
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta Finance offers a panorama of lending options, including unsecured and secured business finance, bridging loans, and business cash advances. The company’s commitment to transparency, tailored credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank and upholds the highest industry standards.
