The latest cash injection takes total funding raised by the later life specialist lender to nearly £600m since its inception.

LiveMore aims to use the new financing to increase loan originations and grow its portfolio.

This credit facility will support existing products, as well as the soon to be launched equity release.

Leon Diamond, chief executive of LiveMore (pictured), said: “We are thrilled to receive this credit facility from Citi, which will support our growth and expanded product offering, so we can continue to serve the often forgotten 50 to 90-plus segment of the market.

“As a result, we can help mobilise the industry around our mission to help 50 to 90-plus year-old customers have genuine control of their financial lives.

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“LiveMore is on track to deliver over £1bn of mortgage lending to the 50 to 90-plus age demographic in the coming years.

“We have listened to the regulators and our customers, and with the support of this credit facility, we can continue to provide options for later life borrowers underserved by high street lenders.”