Outfund, a London, UK-based fintech company for online businesses to raise funds, closed a £115M Series A equity capital and debt funding.
The round was led by Force Over Mass, PostFinance, 1818 Venture Capital and Tribe Capital.
The company intends to use the funds to expand its global growth, pledging to invest more than £500m of lending to over 5,000 businesses in the next 12 months, to make investments into new products, such as working capital and revolving credit, as well as in team growth.
Led by Daniel Lipinski, CEO, Outfund enables founders seeking capital to apply for finance using its online application. Given the proprietary technology and product, simple checks are required to access capital and there is no need for companies to provide business plans or go through risk assessments. Businesses connect their revenue accounts and, with access to this data, Outfund will build a funding offer and deploy the same day.
Outfund can deploy between £10,000 and £10m of funding, and is available to businesses that take online payments, have a minimum of £10,000 monthly turnover, and have been trading for at least six months.
The company ensures the time taken to repay is based on each businesses’s circumstances, with an agreed revenue share creating flexibility for founders.
It is set to loan over £500M in 2022 and expected to fund over 5,000 businesses across the globe.
Outfund has offices in Barcelona, Spain, Toronto, Canada and Bondi Junction, Australia.