Former bookie Mark Blandford launches new lending project targeting UK SMEs
Mark Blandford, founder of online gambling firm Sportingbet, has launched a new venture targeting small and medium sized businesses in the UK, City PM can reveal.
Blandford’s new project, Multifi, has launched with £10m in credit for UK businesses. The funding is being provided by investment firm Fasanara.
Multifi will offer customers up to £200,000 in credit, which can then be used to make unlimited payments to suppliers within their credit limit. The firm will also offer foreign exchange services.
“The idea was born from a realisation that growing companies would benefit from access to a broader range of integrated business finance tools,” the firm told City A.M.
“Business finance is overly complex, often leading to immediate rejection for enterprises needing funding. We aim to revolutionise this process by simplifying access to finance,” Rob Keown-Boyd, chief executive of Multifi, said.
SMEs make up around 99 per cent of all companies in the UK and employ over 16m people. However, there are widespread concerns that SMEs are unable to access the funding they need.
A range of firms focused specifically on SMEs have emerged in recent years, reflecting the perceived failure of the high street lenders to cater to the sector. MPs will be investigating the issue over the coming months.
Blandford, who founded Sportingbet in 1997 will chair the business. His gambling firm was acquired by William Hill for £530m in 2012 and now forms part of Entain. Since then he has been an active venture capital investor in the fintech sector.