Wifinity Raise GBP1.9 Million to Expand its UK Wireless Broadband Network

Surrey-based wireless ISP Wifinity has managed to secure a debt finance facility of £1.9m from Santander Corporate & Commercial, which will be used to help expand the reach of their existing fixed wifi and public hotspot network around the United Kingdom. A private equity investment of £500,000 has also been secured.

Wifinity primarily focuses on connecting military bases, camping sites and student accommodation. But earlier this year Ofcom proposed to grant Code Powers to the operator (here), which would allow them to carry out street works to support the deployment of a new symmetric 4Mbps, 10Mbps and 20Mbps (Megabits per second) capable ‘Wireless to Home‘ product in “densely populated areas throughout the UK”.

Aubone Tennant, Wifinity’s Joint MD, said:

“It only took a few weeks to conclude this deal and we were very impressed how quickly the bank gained an understanding of our business model and finance needs. It is clear that they are putting their money where their mouth is in terms of supporting the British businesses.”

Alex Lynford, Relationship Director for Santander, added:

“We’re delighted to play a part in Wifinity’s growth. The company plays a key part in extending the reach of Wifi in the UK, especially to the country’s military personnel.”

It’s claimed that, since the beginning of 2013, Wifinity has also secured contracts to install its service in 61 UK holiday parks (i.e. 32,000 holiday homes), many of which exist in remote rural locations.

The new funding will also be used to expand their reach into more flats, student housing and military barracks. At present they already supply Internet access to troops at 65 MOD sites around the UK and Germany.