London-based Lender EZBOB Raises $21 Million in New Funding

Small business online lender EZBOB has raised $21 million in new funding (£15 million) courtesy of an investment from Moscow-based PE firm Da Vinci Capital Management. The funding puts the company’s total capital at more than $146 million (£103 million).

Founded in 2011, EZBOB demonstrated its lending platform at FinovateEurope 2014. The company provides small and medium-sized businesses with up to £120,000 in financing in minutes. There are no pre-payment penalties, and borrowers are offered a flexible repayment schedule of up to 24 months and an APR as low as 18%.

What will EZBOB do with the additional financing? Some clues hinted at in a Forbes interview with EZBOB co-founder and CEO Tomer Guriel from last summer suggest that new products (“such as a consumer lending platform and a mortgage platform”) may be in the offering. The idea is to model any new lending product after the company’s current SME lending platform.

So it was no surprise that when asked by interviewer Omri Barzilay what EZBOB’s advantage is in the SME lending space, Guriel answered “technology” and discussed the company’s commitment to improving the customer experience. But he segued quickly to the “fin” part of “fintech,” adding that:

“Our advantage is that we are solely focused on digital lending solutions. We live and breathe the lending space. Lending is at the heart of the bank’s business and our experience in lending has given us phenomenal insight into what works for a customer and from a lender perspective.”

So far, so good. EZBOB ended 2017 winning “Best Technology Initiative” from the Financial Innovation Awards. In November, Yorkshire Bank said that it would deploy technology from EZBOB to speed the loan application process from two weeks to less than 24 hours. Back in August, the company announced that it would extend its contract with AU10TIX for ID authentication and automating customer onboarding. The Royal Bank of Scotland has also used EZBOB’s technology to launch its automated lending platform, Esme.

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  • London-based lender EZBOB Raises $21 Million in New Funding.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

EZBOB Raises £20 Million in Series C Round Led by Bank Leumi, Oaktree

EZBOB_homepage_Mar2016

Small business lending innovator EZBOB has raised £20 million ($28.8 million USD) in a Series C investment. The round was led by Leumi Partners and Oaktree Capital Management and takes EZBOB’s total capital to more than $83 million.

EZBOB CEO Tomer Guriel, co-founder, called the investment “proof” of his company’s platform and strategy for helping small businesses get the funding they need to grow. “This latest investment will further accelerate our growth plans and enable us to continue to develop our proprietary business lending platform to address more of the U.K.’s business lending needs.”

EZBOB_stage_FEU2014

Pictured (left to right): EZBOB COO Nimrod Kaplan and CEO Tomer Guriel, co-founder, demonstrated the EZBOB platform at FinovateEurope 2014 in London.

The investment also marks the first major foray into fintech for the Israeli-based Leumi Partners. Leumi Group Deputy CEO Danny Tsiddon says that, given the strong growth of business e-lending worldwide, “it is only natural that a bank which specializes in Israeli high-tech and spearheads innovation has chosen to invest in this leading FinTech startup.”

EZBOB says that the additional funding will help the the company both increase its lending capacity as well as improve its lending technology. The company has provided more than £100 million in funding via more than 8,500 loans to SMEs in the United Kingdom. Applying for a loan from EZBOB takes only 10 minutes and businesses can get funding in as little as 30 minutes. Loans are available from between £500 and £120,000, and U.K. businesses with annual turnover of at least £10,000 that have been in operation for at least a year are eligible.

Founded in 2011 and based in London, EZBOB demonstrated its technology at FinovateEurope 2014.

Finovate Alumni News

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  • “EZBOB raises 20 million in Series C round led by Bank Leumi, Oaktree”

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate’s European Alums Raised More Than $350 Million in 2015

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Nineteen Finovate alums headquartered in Europe raised $350 million in 2015.

From the $16,000 in seed money raised by U.K. startup, StockViews, to the €82 million investment received by Germany’s Kreditech, we’ve counted every euro, pound, and dollar that investors poured into our European alums. And whether the funding represented an initial infusion of capital or was part of a multi-stage Series E round, it is clear that investors are very interested in the fintech innovations of Europe.

Take a look for yourself at the “European Portfolio” from 2015 below, featuring Finovate alums from the United Kingdom, Ireland, Germany, Switzerland, and the Netherlands.

GermanFlagGermany

 

Ireland_FlagIreland

 

Netherlands_FlagThe Netherlands

 

 

Switzerland_Flag

 

Switzerland

 

 

UK_FlagUnited Kingdom


There’s still time to join us in London for FinovateEurope! Our two-day conference returns to Old Billingsgate Market Hall, February 9 and 10. Get your tickets today and save your spot.

 

 

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alt-Lender EZBOB Deepens Pockets by $46 Million

EZBOBHomepage

U.K.-based alternative lending company EZBOB this week announced it pulled in $46 million in funding. The full amount of the Series C round was supplied by Oaktree Capital and brings the company’s total funding to $66.5 million.

According to The Telegraph, EZBOB will use the new funds to refinance existing debt and increase its loan offerings to small businesses.

This is the company’s second large announcement this year. In February, EZBOB purchased Everline, Wonga’s lesser-known small business finance arm. Both EZBOB and Everline are now rolled up underneath an umbrella group, Orange Money.

Combined, the two companies have furnished U.K.-based SMEs with more than 6,000 loans totaling $83+ million.

Orange Money, which offers an average interest rate of 16%, does not view its services as competitive toward traditional banks. Orange Money CEO Tomer Guriel says, “We’re complementary to the banks and are there to provide access to capital for business owners that have been rejected by their bank.”

EZBOB demonstrated its online application process at FinovateEurope 2014 in London. Wonga debuted its iPhone app at FinovateFall 2010 in New York.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.