1st Stop secures £120m funding line

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  • 03/08/2017
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1st Stop secures £120m funding line
1st Stop Group has secured £120 million of funding lines, including a £75m securitisation from Citi, it has announced.

The Citi facility comes alongside increased balance sheet cash provided by existing funders.

Mark Robins, chief financial officer of 1st Stop said: “We are delighted to announce continued support from our existing funders and the introduction of Citi to our funding group. We envisage significant growth in our chosen markets and look forward to working closely with our funders, who have a recognised track record in our market space, to deliver on our growth aspirations”.

Last year the lender received “significant investment” from private equity fund manager Pollen Street Capital.

Speaking at the time Alex Mollart, founder and chief executive of 1st Stop Group, said: “We are delighted to announce this investment by PSC Fund III. We envisage significant growth in our chosen markets and look forward to working closely with the Pollen Street team, who have a recognised track record in our market space, to deliver on our growth aspirations.”

The FCA sent out a cloned firm warning on 1st Stop in July with the scammers offering these addresses on contact details: 207 Regent Street, London, W1B 3HH / Ebenezer House 5a Poole road Bournemouth Dorset BH2 5QJ.

 

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