Source: BusinessCloud
Sandfield Capital – a LendTech company that provides loans to individuals pursuing legal claims – has secured a £20 million credit facility via Ampla Finance to enable it to significantly expand its operations.
The funding is the first tranche of a £100m fundraise being led by private debt finance specialist Altimapa Capital, which is transforming the way SMEs secure funding by engaging directly with a network of over 600 institutional investors.
Sandfield works with a panel of specialist law firms and funds cases in specific legal areas including housing disrepair claims against landlords, claims against companies for loss or breach of customers’ personal data, mortgage interest miscalculation, and claims against finance brokers for failing to disclose commission earned on loans or mortgages. All Sandfield’s loans are fully insured so in the event that the claim is unsuccessful, the individual has nothing to pay.
Sandfield, which has offices in London and Liverpool, was founded in 2020 by Steve D’Ambrosio, who had previously held senior roles at Close Brothers Group, and with backing from a private investor. The company’s fully automated and scalable platform enables real-time exchange of data with law firms, investors and insurers, and enables the company to write and process thousands of loans per month without the need for manual intervention, including all servicing and repayment.
Sandfield, which currently employs eight staff, now plans to expand its team with the creation of ten new jobs in the year ahead to help it meet market demand.
“Sandfield Capital provides access to justice for individuals who may otherwise be unable to pursue a claim,” said Steven Ambrosio, CEO of Sandfield Capital. “We support cases in areas of clear demand which have been overlooked by other finance providers and help tenants, home owners and others to seek justice through the courts.
“This funding will help us to meet the growing demand and is the first phase in our journey to raise £100m to transform our business and help us bring access to justice for many more individuals.”
Pedro Tavares, CEO and Founder of Altimapa Capital, said: “Sandfield Capital has a well-thought-out business model and a sound proposition, however as a niche operator, it failed to tick the right boxes for traditional funders.
“We are delighted that we were able to find the right match and structure a deal that highlights the expertise and professionalism of all parties involved.”
Read full article: https://businesscloud.co.uk/news/20m-funding-to-expand-legal-claims-lendtech/
