Duologi, a Basingstoke, UK-based fintech company, secured a new facility for £20m.
The Structured Lending team at Paragon, which provides senior secured funding to help other UK-based, non-bank lenders grow their activities, provided the financial resources.
The company will use the funds to grow its portfolio to £1 billion in five years.
Duologi plans to expand its customised point-of-sale consumer finance solutions, which use innovative technologies to allow customers to spread the cost of goods and services. It is particularly prominent in the estate agency services sector, as well as the healthcare sector, providing finance for IVF treatment, and loans for mobility scooters, furniture and online learning training courses.
Duologi has received interest from a number of large online retailers.
Supported by Oaktree Capital, the company is registered under the name Specialist Lending Limited but trades as Duologi. It started lending in November last year and now has 33 staff and a loan portfolio of £40 million.