UK asset finance company, Propel, has formed a strategic partnership with Samsung Capital, the finance division behind the global technology leader, Samsung Electronics (UK) Limited (Samsung); to provide asset finance solutions to UK SMEs through Samsung’s extensive distribution channels.
The strategic partnership, effective immediately, enables Propel to work with Samsung’s distribution partners and channel resellers to provide finance to Samsung’s small and medium-sized business customers in the UK to acquire a wide range of equipment, including the latest phones, tablets and leading-edge audio-visual equipment.
Benefiting from access to Samsung’s distribution network and leading technologies, and Propel’s finance at point of sale, will give SMEs a significant advantage as they invest in productivity and performance. Propel has invested around £4 million in developing its proprietary technology platform, Propeller, making the experience for distribution partners and customers swift and seamless.
Propel has grown by 92% in the past 12 months. Propel’s strategic partnership with Samsung follows recently-formed partnerships with leading UK accounting, tax and business advisory firm Azets and global payments service provider emerchantpay in 2021; and with Barclays Business Banking in 2020. Crucially, these significant partnerships will allow over one million SMEs to access fast and flexible finance to drive investment and growth.
Samsung Capital, the financial services division of Samsung, will continue to serve the financial requirements of its larger business customers directly, and will work closely with Propel in supporting its distribution partners and ensuring the best possible financial solutions to UK SMEs.
Mark Catton, CEO, Propel Finance PLC, said; “I am delighted that Samsung Capital has selected Propel as its strategic partner for SME asset finance. We’re looking forward to working closely with Samsung and its extensive distribution partners to enable more SME customers to acquire innovative technology solutions quickly and conveniently at point of sale.”
Pete Collins, Head of Samsung Capital, said: “Both Samsung and Propel share a passion for delivering innovative and straightforward technology financing solutions. Collaborating with Propel, whose ambition and approach is shared by Samsung Capital, will strengthen our flexible financial packages to SMEs, through our channel partners and help them expand and meet the challenges and opportunities ahead.”
Propel’s rapid growth and rise as an SME specialist, their strategic partnerships and initiatives, and technology platform will be discussed in more detail in an exclusive interview with Propel's Commercial Director Jon Maycock next week.
