British SME lender Lovey has secured a financing facility of up to €298 million to expand its own-book lending operations. The package consists of €59 million in committed capital and a €238 million accordion facility, provided by Pollen Street Capital.
The new capital will allow Lovey to increase its lending capacity and offer larger loans to small and medium-sized businesses across the UK. CEO Jack Smith noted that the funding supports the company's goal of providing faster and more flexible financial access to a broader range of enterprises.
Founded in 2016 by Jack Smith, Lovey has grown into a company with 120 employees. To date, the firm has provided over €717 million in loans to more than 11,000 UK SMEs. The business transitioned from a brokerage model to direct lending from its own balance sheet in 2022.
This agreement complements Lovey's existing funding arrangements, which include a €41 million revolving credit facility from Paragon Bank and a €11 million junior medium-term note program from LGB Capital Markets. The company continues to combine direct lending with its brokerage services.
