In an exclusive interview with B&C, specialist lender Adsum has revealed it is looking to hire new team members and widen its offering to include certain parts of Europe.
Adsum, which launched in 2019, primarily focuses on financing the VAT on UK commercial property and land and has a lending capacity of over £100m per year.
According to the lender, UK commercial property and land accounts for approximately one third of its current book.
However, it expects to see significant high growth from non-property related customers in 2021.
The lender also provides invoice financing, R&D and creative industry tax credits, with loans starting from £10,000.
Justina Tartilaite, co-founder and director at Adsum (pictured above), said that the VAT bridging and invoice finance lender is currently recruiting for its originations and tech departments to grow its existing team of 10.
“Our longer-term target is to offer products for every type of tax loan in the UK and to expand partnerships with brokers, accountants and law firms,” she said.
Adsum is also looking to expand into Germany, Belgium and the Netherlands.
Justina explained that these specific countries have similar tax structures to the UK.
Following its European expansion, Adsum will consider entering the US market, depending on client demand.
“Our aim is to identify key opportunities this year and set up deals equal in magnitude to our operations in the UK.”
Why did you decide to launch Adsum?
The business was born out of developing the idea of democratisation of capital for small firms and asset owners alike — making finance easy. The vision of the business is to be a fully tech-enabled VAT lender.
Why did you decide to focus on VAT bridging and invoice finance?
We chose these areas of finance as they hold great inefficiencies in terms of getting an asset owner/developer the most efficient short-term financing only on the element they wish to finance, not in excess of it. Our tech and direct approach to loan processing significantly speeds up the approval and processing of these loans, while maintaining an effective cost.