Growth Street, a London, UK-based business lending platform, raised £7.5m in funding.
The round, which valued Growth Street at £27.5m, was led by Merian Chrysalis, with participation from Zeus Capital, Rob Rankin, Peter Brodnicki, Christiaen van Lanschot, Paolo Cuniberti, and David Giampaolo.
The company intends to continue to expand its business reach.
Led by co-founder and CEO Greg Carter, Growth Street provides SMEs with flexible working capital from £25k up to £2m to help them grow. Its flagship business finance product, GrowthLine, works much like an overdraft: once they’ve given a client a limit, the client can draw down funds and make repayments as often as they like in a given month. And they’ll only pay for what they use: if their balance stays at £0 through a month, that period won’t cost a thing.
To date, the platform has matched £175m of investors’ funds with growing businesses.