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.”