Adsum appoints Mike Underwood as Head of Origination

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Mike Underwood Adsum

London based FinTech Adsum, leader in U.K. tax refund finance and VAT Bridging has appointed senior industry figure Mike Underwood as Head of Origination.

Mike will be responsible for driving Adsum’s ambitious growth strategy; both expanding Adsum’s origination team and leading Adsum’s marketing platform.

Adsum is a market leader in U.K. tax receivables financing, providing working capital and bridge loans secured against HMRC tax refunds.

Adsum bridges the funding-gap between payment of VAT on asset, property and stock purchases and receiving the corresponding tax refunds from HMRC, providing liquidity secured on borrowers’ balance sheet tax assets.

One in four companies in the U.K. is in a net VAT refund position and the working capital finance market is witnessing a period of significant growth as Covid-related support packages are phased out.

“I am delighted to be joining Adsum at this time of tremendous growth and innovation in the financial marketplace.

Adsum’s culture and uncompromising approach to customer service is a primary factor in their success and this positions us well to address the £22bn SME funding gap identified by the Bank of England” Mike said.

Justina Tartilaite, CEO, Adsum Finance commented:

“Mike brings best-in-class industry knowledge and I am extremely excited to have him join our senior team.

We are witnessing a fundamental shift in the SME finance market with huge demand for working capital coupled with a dysfunctional high street banking model that is no longer able to provide for this largely under-served market segment.

As we continue to grow our client base, our tech-driven approach to data analytics and loan processing becomes ever-more powerful with our customers and partners reaping the benefits of speedy and cost-efficient access to working capital.”