Satago, a London, UK-based cash-flow finance solution for SMEs, secured £5.15m in equity and debt funding.
The funding includes:
– an initial £3m credit line from ESF Capital, an institutional marketplace lending accelerator,
– an equity investment of £1.6m from ESF Capital, and
– a further £550k including follow-on participation from previous investors.
The company intends to use the funds to expand adoption of its financing solution.
Led by Steven Renwick, CEO and Founder, Satago provides a financing solution, which combines dynamic single invoice financing with a free, online, universally-accessible credit control platform for SMEs.
With more than 1,000 SMEs already signed up to the platform, Satago can currently finance up to £50,000 per client (including invoices as small as £500).