PayBreak Refinance with Shawbrook Bank
We are pleased to have advised PayBreak Limited on its recent £12.5m refinance with Shawbrook Bank Limited. The refinance follows a £24m funding round which concluded in March this year.
Trading since 2012, PayBreak is a leading fintech company active in consumer finance which operates a unique point of sale lending platform, under the “afforditNOW” brand, allowing merchants to offer a broad range of finance products to their customers. Its client base includes companies in the retail, healthcare and education and training sectors.
Shawbrook is a specialist UK savings and lending bank founded in 2011 to serve the needs of SMEs and individuals in the UK with a range of lending and saving products. At 31 December 2016, its total lending reached more than £4.1 billion and it has now raised more than £3.9 billion in deposits since its launch.
Julia Throop, Managing Director of PayBreak, commented “I would like to thank Jody and EMW for their outstanding work and effort in handling the legal matters for PayBreak throughout the entire refinance process. Jody was great to work with and his knowledge of banking law gave me great comfort that he was overseeing the transaction. We are looking forward to working with Jody and the EMW team again in the near future.”
Jody Bingham, who led the EMW team, said: “It was a pleasure to work with Julia and the team at PayBreak on this transaction. The new partnership with Shawbrook means that, in addition to expanding its funding resources, PayBreak can now accelerate the growth of its lending through its retail point of sale platform and scale more quickly. We are looking forward to working alongside PayBreak again on the next step of their journey.”
If you would like to find out more about this deal, please contact Jody Bingham on 0345 070 6000.