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UK defence companies are increasingly approaching fintech lenders for financing after facing difficulties with traditional banks. The sector’s funding challenges come as the government pushes to increase military spending to 2.5% of GDP, creating pressure on supply chain companies to scale production.

Defence Sector Seeks Financing Alternatives

Britain’s defence industry is reportedly turning to fintech lenders for crucial funding after traditional banks have become increasingly reluctant to support the sector, according to recent reports. Sources indicate that defence groups will meet with several fintech lenders including OakNorth, Funding Circle, Allica Bank, Iwoca, Liberis and Simply Asset Finance to address funding challenges and encourage greater investment.