Cynergy Bank lands £20m funding from British Business Investments
UK-based Cynergy Bank has secured a £20 million Tier 2 capital facility from British Business Investments to boost its growth plans.
Cynergy Bank secures £20m funding
British Business Investments is a wholly-owned subsidiary of British Business Bank. The funding comes from its Investment Programme, which looks to increase access to finance for small businesses by increasing the lending capacity of challenger banks and non-bank lenders.
Cynergy Bank was established in December 2018 following the acquisition of the UK branch of the Bank of Cyprus by Cynergy Capital. The deal was closed in July 2018 at a value of £103 million.
The FCA-regulated bank caters to business owners, property entrepreneurs and family businesses, and claims to have provided over £3 billion worth of loans to businesses across the UK.
With the new funding, Cynergy Bank aims to accelerate its push to become a leading “human digital” bank in the UK, with plans to facilitate more than £250 million in new-to-bank lending across the small and medium-sized enterprise (SME) and property sectors.
Describing the investment as a “milestone” for the firm, Cynergy Bank chief executive Nick Fahy says: “This additional funding will boost growth in our business and deliver our strategic objectives over coming years, while also significantly increasing our lending capabilities for SMEs, property entrepreneurs and family businesses.”
