HSBC UK has announced the expansion of its ‘Growth Lending’ fund from £250 million to £350 million in response to growing demand from high-growth tech scale-ups.
The fund launched last year in response to the UK Government's call for additional investment in the sector.
To access the funding, scale-ups must have strong equity backing, a proven sales track record, and a clear path to profitability.
There is also up to £15 million in financing to support their early stage growth ambitions.
In addition to funding, HSBC will provide international expertise to help businesses achieve their global ambitions earlier in their journey.
In the 12 months since launch Growth Lending has demonstrated support to regional economies, with 50% of deals finalised being with firms outside of London.
Roland Emmans, head of UK tech sector and growth lending at HSBC UK, said: “The increase to ‘Growth Lending’ restates HSBC UK’s commitment to improving the tech ecosystem to ensure the UK remains one of the best places in the world to start and run a technology business.
“What’s most interesting is half the firms being helped by ‘Growth Lending’ are based outside of London, clearly demonstrating that ambitious digital technology businesses no longer feel it’s essential to be based in the capital and are able to tap into talent pools around the UK.”