Wednesday, June 19, 2024

Enhanced SME Finance Proposition by mycashline with Shawbrook Bank’s Support

Dovi David and Yisroel Perkel launched mycashline in 2018, aiming to innovate the UK’s small business finance sector. By integrating state-of-the-art AI and machine learning, mycashline aspires to modernize and improve upon traditional lending models, providing a more empathetic financial solution for SMEs.

In collaboration with Haogen Technologies Limited, mycashline has been instrumental in offering accessible and practical loan options to numerous small businesses, aiding their growth and scalability.

In a recent development, mycashline and Haogen Technologies Limited have announced securing additional funding from Shawbrook Bank. This financial reinforcement is directed towards fuelling mycashline’s continued growth and its mission to support a broader array of UK SMEs in 2024.

Dovi David, the visionary CEO of mycashline, shared his perspectives: “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 of Shawbrook Bank reflected positively on the funding extension: “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.”

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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