Money transfer firm Small World FS has secured a £15m revolving credit facility (RCF) from the Royal Bank of Scotland (RBS) to support the business at times when there are seasonal fluctuations in money transfers.
This is the first of its kind credit facility to be issued by RBS to the money services sub-sector. For Small World FS, the deal comes after a year of growth during which its profits doubled and processed transactions volume grew by 30%.
The three-year deal will allow the money transfer firm to borrow funds from RBS at any time and as needed. It can again borrow as soon as the funds are repaid.
Commenting on the development, Small World FS founder and CEO Nick Day said: “Securing this RCF is an important stepping stone for Small World. It is also a great vote of confidence in our business model, which is built to a large extent on our good partnerships with banks around the globe.
“We are growing organically by expanding our network of agents and extending our digital estate while continuing to consolidate our position as a leader in the industry. The RCF will play an important role in achieving these ambitions.”
Matthew Glew, relationship director, financial institutions at RBS, said: “RBS is delighted to be able to further support Small World through the provision of this facility. We have built an excellent relationship with Small World and our knowledge of both the business, and the sector proved vital in being able to offer the business this level of RCF. We look forward to continuing to work with Small World as we support the business in achieving its strategic ambitions in the years ahead.”