Cynergy Bank has secured £20 million in Tier 2 capital from British Business Investments, the commercial subsidiary of British Business Bank.
The bank said that the funding would support its aim of providing over £250 million in lending across the SME and property sectors. It added that its growth will be underpinned by its “human digital” model, which combines customer relationship management with the full digitisation of traditional banking products.
The capital has been provided through the British Business Investments’ Investment Programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders.
“We’re pleased to be working with British Business Investments, and this investment is a truly exciting milestone in our commitment to supporting the financial needs of SMEs and businesses in the UK,” said Nick Fahy, chief executive of Cynergy Bank. “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.”
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