PCF Bank and Code Investing partner for SME vehicle finance
The partnership will see PCF gain direct lending access to qualified SMEs that require hire purchase and leasing finance to help them acquire a wide range of business-critical assets. SMEs’ investment plans will meet pre-determined criteria set by PCF, as qualified by Code Investing’s technology.
PCF currently has a portfolio of more than £200m of finance receivables spread across over 14,350 customers and is targeting a portfolio of £750m by 2022.
Robert Murray, managing director of PCF, said: “Banks and other financial services providers are increasingly turning to alternative finance platforms to assist them in sourcing customers and then delivering their products seamlessly. We have been greatly impressed with Code Investing’s use of new technology to source and pre-qualify customers and are delighted to be working in partnership with them. We see partnerships like this one as key to the development of our business as we look to grow our portfolio from its current levels to £350m by September 2020 and £750m by September 2022.”