p2i gets £15m loan from HSBC Growth Lending fund using Inngot valuation

P2i, an innovative UK tech firm which uses the latest nanotechnology to sustainably protect mobile phones and other electronic devices from water damage, has become the first company to get support from HSBC UK’s new Growth Lending fund, with a £15m loan.

As part of the credit underwriting process, applicants have to use Inngot’s online valuation tool Sollomon to identify and value their IP and intangible assets.

HSBC UK’s new Growth Lending fund is a £250m pot which is available to support IP-rich high-growth but loss making scale-ups that are on the path to profitability. 

When it launched in June 2022, the bank said that because high growth tech scale-ups generally own few tangible assets but are rich in intellectual property and intangible assets, IP evaluation would be integral to the credit assessment process.

Roland Emmans, Head of UK Tech Sector & Growth Lending at HSBC UK, said at the time of the launch: “Growth Lending is for businesses who want to become global tech players by working with a global bank. This is an ideal option for high-growth tech scale-ups, who are supported by a strong equity backing, have a proven sales track record, and a clear path to profitability.”

Martin Brassell, CEO of Inngot, added: “HSBC UK and Inngot have been working together on IP evaluation for some time, and this represents another chapter in our journey together. HSBC UK recognises that the future of banking lies in delivering innovative finance solutions for innovative companies. IP-rich firms have the greatest potential for innovation and growth, but their value derives mostly from often invisible intangible assets; this has led historically to a widening funding gap. HSBC UK is working to close this gap by deepening its knowledge of IP and intangible assets and how they drive company value.”

P2i will use the £15m funding to invest in new equipment and markets, enabling the business to expand internationally and scale profitability, as well as tackle the rapidly growing global environmental problem of ‘e-waste’.