Time Finance, the Bath-headquartered alternative finance lender, has appointed new head of marketing in a move it said would support its long-term growth strategy as it nears the end of its strongest-ever trading year.
Caroline McDonald, pictured, brings more than 20 years’ experience in business finance, having worked in senior marketing roles at a number of funders and been involved in strategic business development.
These include Aldermore and Catalyst Business Finance and, more recently, with broker-focussed organisations The Broker Hub and Funding Xchange.
She has a background in B2B lending, including invoice finance, asset finance, business loans and asset-based lending.
Time Finance, which specialises in asset, loan and invoice finance products, has grown rapidly over the past few years after shifting its focus to own-book lending.
In February it reported a record lending book of £188.6m and pre-tax profit for the six months to last November up by 35% to £2.7m on revenue 19% higher at £15.7m.
Caroline said: “Time Finance has been on an incredible journey for the past few years, and it’s earned a strong reputation as a funder that continually moves with the needs of businesses while keeping itself rooted in the things that matter – providing a people-led service that understands the nuances of business finance.
“I’m very excited to be joining the business as it continues to evolve and grow, and I look forward to contributing to our continued success.”
Caroline’s appointment forms part of Time Finance’s strategic growth plan, currently in its third year.
The firm had expanded rapidly through a series of acquisitions in the late 2010s under its previous name of 1pm before its growth slowed.
Chief executive Ed Rimmer said: “Caroline joins Time Finance at a very exciting time for our business as we gear up for the final year of our four-year plan.
“Over the past three years, we’ve heavily focussed on repositioning the business after rebranding at the end of 2020 and growing our own book lending.
“Looking to the long-term, we’ll continue to build the business in a controlled way, focusing on what we do well while developing our products and services and ensuring we deliver an efficient service for our business introducers.
“Caroline’s experience will be fundamental to our future success, broadening our broker network, and reaching more businesses with the funding they need to succeed.”
