Growth Street is a peer-to-peer (P2P) lending platform. It’s flagship product, GrowthLine, is transforming the business overdraft, offering a line of credit designed to support small and medium-sized British businesses.
Since launching in 2014, Growth Street has facilitated more than £100m of borrowing through its platform, and recently launched an Innovative Finance ISA. In early-2019, the firm announced a £7.5m round of funding led by Merian Global Investors.
Growth Street, has committed to channeling £60m to Scottish SMEs, in an attempt to help plug a funding gap of over £800m left by the high street banks.
Growth Street research has found that the total overdraft limit available to Scottish SMEs has been declining, despite a boom in the number of businesses being registered in the country. It claims this is due to the banks’ increasing reluctance to extend overdrafts to small firms – a trend it says picked up in the wake of the credit crunch.
The business, which has recently launched in Scotland, has long been outspoken on the lack of support the high street banks give small businesses. Its latest pledge to channel £60m into ambitious Scottish SMEs is testament to its ambitious plans for the region.
Growth Street is investing time and staff on the ground to help solve this and ultimately close the funding gap. Jennifer McGuffie, based in Glasgow, joined the team as Business Development Manager in April to spearhead its expansion into Scotland.
Greg Carter – CEO
Jennifer McGuffie – Business Development Manager, Scotland
Shalom Joseph – Head of Partnerships