The bank reached the milestone figure at the beginning of 2022 against a backdrop of two years of economic uncertainty caused by the pandemic.

The lending figure includes over £317m lent to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS) which supported businesses across the UK including many in the property, hospitality and healthcare sectors.

During the period, Cynergy Bank also developed an Asset Based Lending offering for SME businesses that want to scale up and grow providing between £200,000 and £20,000,000 to businesses. The Bank opened an office in Scotland too increasing its regional footprint that includes London, Birmingham, Manchester and Southern England.

Nick Fahy, CEO of Cynergy Bank, commented: “Lending over £3bn is a huge accomplishment and we are very proud of the progress we have made to date. Although the pandemic has been challenging for many businesses, we have witnessed the resilience of UK SME’s as they continued to borrow to fund investment for the future of their businesses.

“Cynergy Bank has gone from strength to strength, we have grown during a period of restricted risk appetite and our book has remained resilient through the economic uncertainty brought by the pandemic.

“Our aim at Cynergy Bank is to create a human digital bank that provides a personalised service to our customers which is enhanced by the latest technology. I am proud of the support we have given and will continue to give to these businesses especially during a period that saw much uncertainty.”