TP24, a London, UK-based fintech provider of flexible revolving business credit, raised £345M in funding.
Barclays is providing up to £200m in warehouse financing, while M&G is providing up to £40m in mezzanine funding. In addition to the amount of £200m for the UK and the Netherlands, an amount of up to £105m has also been made available by Barclays for lending by TP24 in Australia.
The amount will be used for lending to SMEs in the UK and the Netherlands.
The company intends to use the funds to expand operations and its business reach.
TP24 provides SMEs with flexible revolving business credit based on their outstanding invoices, without taking over the debtor base. UK SMEs looking for financing for further growth can request for flexible revolving loans from £250,000 to £5,000,000. The prerequisite is that they are based in the UK, have been operational for at least three years, and have a debtor base of more than £350,000. Unlike factoring, TP24 does not take over outstanding invoices.
TP24 was launched in Switzerland in 2018 and in recent years opened branches in Australia (2019), the UK (2021) and the Netherlands (2022). It is privately owned, with Credit Suisse, SIX Group and Berliner Volksbank Ventures as its main shareholders.
FinSMEs
19/07/2023