DueCourse, a Manchester, UK-based invoice financing service for small to medium-sized businesses, raised £6.25m in funding.
The round included £1.25m of equity and £5m of debt for lending to UK SMEs.
The company, which is planning to raise a further Series A round of £10-15m over the next 10 months to expand its service around the world, intends to use the funds to continue to grow in the SME business lending market in the UK.
Launched in 2015 by Paul Haydock, CEO, DueCourse provides a cloud-based invoice financing service for SMEs which regularly invoice clients. The free software links to a company’s online accounting platform and uses its proprietary risk engine to assess which invoices are eligible for a cash advance.
Once an advance has been requested, the money reaches the customer’s account in a matter of hours.