Aldermore Bank has raised £40 million and is looking to launch new products, as it continues to fund and support small businesses.

Aldermore has successfully raised £40 million of new capital through external investment.

Aldermore Bank, through AnaCap Financial Partners, has received funding from both Toscafund and Lansdowne partners amounting to £40 million, which could represent a possible nine per cent stake in the company.

Aldermore says the funding will be used to continue supporting SMEs in the UK.

CEO, Phillip Monks said: “I am delighted by the investor appetite for Aldermore and eager to continue to provide straightforward financing solutions to UK SMEs and households. The new funds provide us with the opportunity to do even more to champion Britain's small businesses, the lifeblood of our economy.”

Aldermore has also hinted that this investment will stand them in good stead for if they may choose to float the company, as it has helped in “establishing a wider dialogue with UK institutional investors.”

At present the company is reviewing its capital markets strategy, which may include an initial public offering.

The funding will also help Aldermore to improve its service and potentially launch new products.

Philip Monks added: “Our strong capital position also enables us to look at a number of new product and service launches to further meet the needs of our customers. I would like to thank all our investors for the confidence they have shown in Aldermore as we strive to do things differently.”

Aldermore now has £3.4 billion worth of lending to SMEs and homeowners. In 2013, Aldermore Bank recorded a profit of £9.2 million in the first half of the year and is confident it will post even greater returns for the year end.