Propel Secures £1.5bn for SME Equipment Financing

Propel Finance has secured £1.5bn in funding to support SMEs in the UK, fueling innovation and economic growth. The lender will use the funds to support businesses investing in critical equipment and vehicles. Propel has attracted backing from a consortium of leading financial institutions and global investors, including Barclays, Bank of America, Citi, and the British Business Bank. The funding will enable Propel to scale its business, with plans to double new lending over the next three years.

Propel Finance, a UK-based lender, has successfully secured £1.5bn in funding to support small and medium-sized enterprises (SMEs) across the country. The funding, which is backed by a consortium of leading financial institutions and global investors, will be used to support businesses investing in critical equipment and vehicles. This significant investment will fuel innovation and drive economic growth in the UK.

The funding was secured by Propel Finance from a group of prominent financial institutions, including Barclays, Bank of America, Citi, and the British Business Bank. This backing underscores the confidence in Propel Finance's ability to support SMEs and contribute to the UK's economic development.

Propel Finance plans to use the funds to scale its business operations, with a target of doubling new lending over the next three years. This ambitious goal reflects the lender's commitment to providing much-needed financial support to SMEs, which are often the backbone of local economies.

The funding announcement comes at a crucial time for the UK economy, with the government actively seeking to boost innovation and growth. By providing SMEs with the capital they need to invest in critical infrastructure and technology, Propel Finance is playing a key role in this effort.

This funding round highlights the importance of public-private partnerships in driving economic growth. By working together, financial institutions and investors can help SMEs overcome barriers to growth and contribute to the broader economic development of the UK.

References:
[1] https://www.linkedin.com/pulse/govt-secures-4-mega-deals-during-rutos-visit-uk-money254-z6ajf
[2] https://economictimes.indiatimes.com/markets/stocks/news/silky-overseas-ipo-to-debut-today-gmp-suggests-mild-listing-premium/articleshow/122287338.cms
[3] https://money.usnews.com/investing/news/articles/2025-07-02/barclays-reshuffles-apac-investment-banking-leadership-to-boost-regional-presence