mycashline secures further funding support from Shawbrook Bank to grow its SME finance proposition

Press Release: January 31, 2024

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mycashline secures further funding support from Shawbrook Bank to grow its SME finance proposition
LONDON, UK. 31st January 2024 – Established in 2018 by Dovi David and Yisroel Perkel, mycashline has a clear mission to revolutionise small business finance. They aim to replace traditional business lending with a more supportive approach.

By leveraging AI and machine learning technology, they plan to become the UK’s largest small business loan servicer. Leveraging cutting-edge technologies and advanced data analytics, to make the most accurate lending decisions.

mycashline enables businesses to easily access loans with realistic terms, clear & bespoke decisioning and super quick funding. mycashline works closely with Haogen Technologies Limited, who facilitate the funding of the loans.

Since its launch, mycashline has helped hundreds of small businesses across the UK access tens of millions of pounds, allowing them to grow, scale and strive.

Today, mycashline, in partnership with Haogen Technologies Limited, announces it has secured a further debt line with Shawbrook to support its continued growth and expansion plans in 2024. Ensuring it can help even more UK small businesses access the finance they so importantly need.

Dovi David, Founder and CEO at mycashline said:

“We’re very excited to grow our partnership with Shawbrook. The teams at mycashline and Shawbrook have built a really strong relationship over the last year, and mycashline’s decision to choose Shawbrook to expand its funding line is testament to this.

The new funding will accelerate our growth, solidifying our role as a key player in SME finance. With a strong brand, unwavering values, and a popular product, we’re poised for even greater success.

We can’t wait to get going with more of the same. We know that 2023 was a difficult period for small businesses, but with some light at the end of the tunnel, we’re confident we’re able to help even more businesses grow and strive in 2024.”

Warren Mutch, Director, Structured Finance at Shawbrook Bank said:

“Having worked with Dovi and the team at mycashline on the original funding line, we were very impressed with their offering and the success they had.

Naturally, we were well-placed to arrange an increased debt line and moved swiftly to support the business as it looks to accelerate its growth and assist more SMEs in the marketplace.”

ENDS


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