Negotiations to purchase a portion of the property backed SME loan book were entered into during April this year which culminated in Alternative Finance Solutions (Pty) Ltd (“AFS”) trading as Bizcash closing the transaction with Transaction Capital Business Solutions (Pty) Ltd (“TCBS”) on the 14 August 2020.
AFS trading as Bizcash, which launched in 2018 with the backing of the Preference Capital Group aims to provide a full suite turnkey solution to provide the SME market with a disruptive digitally enabled working capital credit offering. This will be the third acquisition of a SME loan book in the last 15 months.
This new acquisition of assets (book debts) doubles their current business and makes them a substantial player in the secured SME lending landscape with their current product range including Selective Invoice Discounting and Business Loans, with a host of new products on the way.
The new book will fall within the Bizcash umbrella, with the opportunity to offer their existing products to the TCBS client base as well as launch new products into this market.
In the not too distant future, our Bizcash platform will be offering a further two secured working capital solutions, namely our Bizcash Overdraft and Bizcash Term Loan to complement our existing product portfolio of Selective Invoice Discounting and Business Loans. This allows us to further broaden our client’s offerings and provide further flexibility in solving our clients working capital needs.
We remain committed to our SME business community in these tough times and are constantly striving to come up with unique innovative solutions that will better serve our client’s needs.
“We could not have done this without the hard work of the team from Bizcash, TCBS and Preference Capital” said Bizcash CEO Sean Waywell. “This acquisition will complement our existing business as we strive to grow and support SME’s with their cashflow needs.”
For more information you can contact them on:
0861 93 93 93 or visit their Bizcash website