From a hope-filled Belfast start-up to a leading independent provider of structured Asset Based Lending and working capital solutions

Upstream is celebrating its 15th anniversary, marking its growth from a two-person Belfast start-up into one of the UK and Ireland’s leading independent providers of structured Asset Based Lending (ABL) and flexible working capital solutions.

Founded in June 2011 by Judith Totten MBE and Operations Director Bill Hichens, the business began life as Keys Commercial Finance with a clear mission: to give ambitious businesses access to flexible funding that could help them grow.

It was a vision that almost never got off the ground. After an arduous fundraising process involving more than 60 banks and potential investors, ABN AMRO backed the founders and helped the company open its doors in Boucher Crescent, Belfast.

Within a year, and against the odds, the business had broken even and provided new funding of around £1.5 million to Northern Ireland companies.

There followed a major milestone in 2015, with the decision by the founders to buy out their minority shareholders, relocate to larger city centre premises in Linenhall Street, Belfast and rebrand as Upstream Working Capital. By then, the team had grown to seven, and lending had increased to more than £10 million.

Recognising that the demand for alternative finance was accelerating, Upstream listened – and led the market through innovating a stock funding and supply chain product, to support the general receivables cycle. In 2019, with ever growing demand and a need to scale, it secured a new securitised funding structure through a US-based private debt fund, giving the business the platform to expand geographically and broaden its lending proposition.

Then, like many companies, Upstream faced unprecedented challenges during the Covid-19 pandemic. However, with focus, an empathetic approach to clients, and the sustained support from its US funding partner the business and its client base, not only withstood the crisis but emerged stronger and ready for the next phase of growth.

In 2021, Upstream was formally acquired by the US debt fund. The deal retained the management team, while adding investment and strategic support to accelerate expansion. It also strengthened the company’s move into Asset Based Lending (ABL), creating the opportunity to extend funding against a broader range of Balance Sheet assets – not just the traditional stock and debtors – all becoming a core part of its offering, as the loan book grew to almost £45 million.

A major defining moment came in December 2024, when the senior team completed a management buyout supported by a £150 million funding package from London-based Pollen Street Capital. The landmark transaction returned the business to independent, local ownership and provided substantial capital for future expansion.

Since then, staff numbers have grown and lending volumes have risen significantly, with the lending book doubling in size amid strong demand. The appointments of highly respected corporate banking leaders, Lewis McCallan in 2022 and Azem Hanif in 2025 has transformed the senior leadership team and underlined the company’s growth ambitions.

Upstream Asset Based Lending Partner, Lewis McCallan said:

“Having known Judith for over 30 years, I obviously followed the Upstream journey with interest. Despite thinking I might step back completely when I left a long career in Banking, I had the opportunity to join the team in September 2022, and it has been non-stop ever since. The Upstream business is dynamic and fast paced and I am really enjoying the fresh challenge of bringing my expertise and experience to this uniquely placed business, to help shape it for what comes next.”   

Today, Upstream ABL has a team of 13 specialists working across a variety of key functions from sales, and relationship management through governance, risk and operational process and it provides structured working capital facilities to a growing base of SMEs and mid-corporate size businesses across the UK and Ireland. Its facilities help unlock cash tied up in debtors, stock, property, plant and machinery, equipment and vehicles, giving customers the flexibility to plan strategically, invest with confidence and fundamentally to scale sustainably.

Upstream founder and CEO Judith Totten said:

“When we started in 2011, with the economy still feeling the pain of a banking crisis, I truly believed that local businesses deserved a more flexible, relationship-led approach to funding – and that sentiment has never wavered.

Of course, there have been plenty of moments over the past 15 years when it would have been easy to give up and walk away, no business is all sunshine and flowers – and every entrepreneur will tell you that – but thanks to the support of our funders, our customers and most of all our exceptional team, we have continued to grow through, and learn from, every challenge.”

Looking ahead, Upstream ABL plans to keep investing in future-focused businesses that want to unlock new opportunities, accelerate growth and scale with confidence.

With substantial funding in place and an experienced leadership team, the business is well positioned to support many more ambitious companies across the UK and Ireland in the years ahead.

Upstream ABL Operations Director Bill Hichens added:

“We’re incredibly proud of what we’ve achieved together. From two people with an idea to a business lending c£100 million to SMEs and mid-corporate businesses across the UK and Ireland, our journey has been built on resilience, innovation and trusted partnerships. While it is important to celebrate this milestone, we are even more excited about what comes next.”