Step One to enhance offering with new funding line

The equity funding round was backed by PIMCO - a California based investment management firm with over $1.5 trillion of assets under management - together with Credit Suisse Asset Management’s Securitized Products group and various private investors.

Michael Childress, Co-Founder and CEO of Step One, commented: “We are very excited to partner with such well-respected asset managers. The new funding will allow Step One to significantly increase its presence in the UK residential second charge mortgage market. Our new relationship with PIMCO builds on strong existing relationships with Credit Suisse Asset Management, Pacific Advantage Capital, 080808 Capital and numerous other private investors.”

Jameel Jesani, Co-Founder and Director of Step One, added: “This equity round marks the culmination of five years of platform building. Step One is now backed by multiple major institutional shareholders and has the springboard to enhance its product offering across the specialist UK real estate and consumer credit space and grow the platform into a premier and innovative multi-product specialist lender.”