British Business Bank announces new £75m ENABLE Funding facility with Propel Finance alongside investment in its first public securitisation
Press release
The British Business Bank today announces two transactions with Propel Finance, the UK’s fastest-growing asset finance provider over the past three yearsRead footnote text 1 .
The new £75m ENABLE Funding facility provided by the Bank is complemented by an investment in Propel’s inaugural public securitisation, Velocity 2026-1. This is the first time the Bank has invested in a Public Asset-Backed Securitisation (ABS) issuance, having supported Propel with its first private securitisation in 2022.
These transactions demonstrate the Bank’s strategy of supporting business securitisation markets to enhance funding options for lenders that provide finance to UK small and medium enterprises.
The British Business Bank has supported the development of Propel Finance since 2016, helping the lender scale and diversify its funding model, through providing warehouse facilities to fund its business lending.
Propel’s Velocity 2026-1 ABS issuance marks an important step in Propel’s progression into the public markets, attracting 17 global investors and supporting diversification of its funding and continuing growth in its origination platform.
The new warehouse funding line via the ENABLE Funding programme shows the British Business Bank’s continued engagement and ability to support delivery partners through different stages of their funding journey – from warehouse growth, through private securitisation, to accessing public markets.
Reinald de Monchy, Chief Banking Officer at the British Business Bank, said:
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1
AFUK50 Rankings
Over the last ten years, Propel Finance has evolved from a relatively small lender with strong potential into an established and trusted major player in the UK asset finance market. We are proud to have supported it on that growth journey.
Today’s transactions reflect our ongoing commitment to expanding funding options for smaller businesses and lenders, while also supporting the continued development of the UK’s business securitisation markets. This public ABS transaction was an excellent result.
Mark Catton, CEO at Propel, said:
The British Business Bank is an excellent partner and its support over a number of years has been instrumental in Propel’s growth and our reach into the SME eco-system. When our initial ENABLE Funding facility was established in 2016, we had written around £10m in asset finance for SMEs. Since 2018, we’ve provided more than £2bn in funding to over 70,000 businesses.
Our debut public securitisation marks a significant milestone for Propel. We attracted a roster of global investors and were delighted that the Bank chose Propel to make its first foray into Public ABS
Further Information
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Notes to editors
The ENABLE Funding programme is a well-established platform designed to increase funding diversification for leasing and asset finance providers and term loan lenders, with the overall purpose of increasing the supply of debt to small and medium sized enterprises. The programme was established in 2014 and has provided over £3bn to the market since its inception in 2014.
For further information about the ENABLE Funding programme please visit the British Business Bank website.
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support £23bnRead footnote text 2 of finance to almost 64,000Read footnote text 3 smaller businesses.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such.
With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Propel Finance or its products or services.
The ENABLE Funding programme is managed by British Business Financial Services Ltd, a wholly owned subsidiary of British Business Bank plc, on behalf of, and with the financial backing of, the Secretary of State for Business and Trade.
About Propel
Propel is the UK’s fastest-growing asset finance lender, helping SMEs and larger businesses access finance to acquire business equipment quickly and efficiently.
Propel has lent over £2bn to more than 70,000 UK businesses, partnering with leading Banks, Intermediaries, and Equipment Resellers to support customers investing in business-critical equipment.
In 2025, Propel launched PropelPay, its market leading embedded finance platform, extending flexible funding and subscription solutions to technology partners and their customers by enabling finance at the point of sale – in store, online or through assisted journeys. Propel launched with Apple Financial Services in 2025 and is working with many leading technology resellers, offering tailored finance and subscription propositions for customers investing in the latest technology devices.
Finance is subject to status. Terms and Conditions Apply. Propel acts as a lender or a credit broker for business customers only.
Find out more at Propel Finance’s website propelfinance.co.uk
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2
Figures as at end March 2025
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Figures as at end March 2025, does not include Start Up Loans
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