Financial Services
DF Capital Holdings plc
Analysts
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Company Description
DF Capital (DFC) is a specialist SME (Small and Medium sized Enterprise) lender and personal savings bank operation in the UK. It secured permission to commence deposit taking at the end of September 2020, which allowed it to successfully replace more costly wholesale funding with retail deposits. DFC has a highly experienced management team that is focused on delivering swift growth from its existing inventory finance product to run-rate profitability in Q4 2021. Thereafter, it also holds the promise of supporting a poorly served market with the addition of new, longer-term loan products in adjacent segments. Its capital raise in early 2021 effectively doubled its lending capacity from a regulatory capital perspective to around £550m.
Investment Summary
DFC has a highly experienced management team that is focused on delivering swift growth from its existing inventory finance product to run-rate profitability in Q4 2021. Importantly, it received full authorisation for deposit taking with no restrictions. We expect its deposit base and digital processes to provide further impetus by supporting the addition of new products. Credit quality has remained well controlled and the group was able to start 2021 with no COVID-related legacy in its loan book. We believe that DFC has an excellent opportunity to grow its loan book swiftly, combining its low-cost funding with a robust business model in what is a poorly served SME lending market.
Recent Content
Poised for accelerated growth and profitability
19/04/2022
DFCH has reported impressive results for 2021 against a challenging background of supply chain issues and macroeconomic uncertainty. […]
Capital review could create further loan book growth
04/04/2022
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Trading update – 2021 a transformational year
18/01/2022
DFCH has published a trading update ahead of its December 2021 results publication in April. The update confirms […]
Arrowgrass sale removes stock overhang
13/12/2021
Arrowgrass Master Fund Limited (AMFL) announced its intention after close of business on 9 December 2021 to sell […]
Doubling of the loan book confirmed
07/12/2021
Distribution Finance Capital Holdings (DFCH) announced yesterday that, due to supply chain delays, critical orders for some of […]
Resumption of loan book growth
23/09/2021
DF Capital’s (DFC) interim results confirm the trends highlighted in July’s trading update with strong new business originations […]
Significant loan origination to continue
09/07/2021
DF Capital’s (DFC) recent Q2 trading update reported that the Group saw very strong new business originations over […]
Good momentum as FY 2021E starts strongly
21/04/2021
DF Capital’s (DFC) FY 2020 results came from a challenging period, but also one of major progress, and […]
Positioned for efficient growth
18/03/2021
DF Capital (DFC) is a specialist SME (Small and Medium sized Enterprise) lender and personal savings bank operating […]
Company Management Team
Carl D'Ammassa
Chief Executive Officer
Carl has over 20 years’ experience working in commercial and SME finance, with extensive divisional managing director and CEO experience built across a number of UK based businesses. Carl previously held the position of CEO at White Oak UK, a specialist lender to SMEs. Prior to this Carl was Group Managing Director at Aldermore Bank, leading its growing business lending franchise. He spent 10 years at GE Capital, and later took roles at Hitachi Capital and Hydrex Ltd. Carl has previously been Chairman and a Board Director of The Leasing Foundation and was a Non-Executive Director of AFS Group Holdings Ltd.
Gavin Morris
Chief Financial Officer
Gavin possesses over 20 years of financial services experience across banking, corporate lending and leasing. Gavin has deep finance expertise in a regulated environment from his time at GE Capital Bank in the role of Acting CFO and in a number of “Head of” finance roles including Treasury, Regulatory Reporting, Controllership, Pricing and FP&A. Gavin was involved in both the set up and dismantling of GE Capital Bank. Gavin is a qualified chartered accountant and spent 10 years with KPMG.
