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UK broadband firm secures £100m from some of Europe's biggest banks

London-headquartered Hyperoptic has received a massive nine-figure funding boost from some of the biggest banks in Europe to turbocharge the roll out of its gigabit broadband services.

The firm is currently utilised by over 350k UK homes and businesses and will now embark on its drive to surpass 2m customers by 2022 following this latest £100m funding injection.

Backing for the fibre optic broadband firm has come from banking giants including BNP Paribas, ING, RBS and Dutch investment bank NIBC, highlighting the potential for firms grappling with the likes of Virgin and BT for fibre dominance.

The Government has already committed £400m towards developing the UK’s full-fibre broadband network, with its Digital Infrastructure Investment Fund set to hook more homes and businesses up to potential gigabit speeds over the next four years.

Hyperoptic is hoping to put itself front and centre of this push with its own dedicated Fibre-to-the-Premises (FTTP) network allowing the firm to offer some of the fastest speeds on the market.

Currently available in 28 towns and cities across the UK, Hyperoptic is hoping to significantly expand its network in the coming years and has earmarked 5m customers by 2025.

Dana Tobak, CEO of Hyperoptic, commented: “We are proud to have created a network of gigabit cities where residents can live and work without connectivity constraints.

“Through private funding and partnerships with developers, freeholders, and councils we have hugely increased our footprint – but it’s our customers that have been the biggest catalyst in fueling our growth.”

Exchequer Secretary to the Treasury, Andrew Jones, added: “Full-fibre is the gold standard of broadband connectivity – and through companies like Hyperoptic, our commitment to world-class digital infrastructure for everyone in the UK is already becoming a reality.

“We’re investing over £1 billion in next generation digital communications, including our recently launched £400 million Digital Infrastructure Investment fund, and a five year business rates relief on new full-fibre investment – all of which will stimulate the market, and expand full-fibre networks around the country.”