The funding round was led by UK parties Barclays Bank Plc (also known as Barclays) and M&G Investments. An amount of EUR 240 million from the entire sum will be leveraged by TP34 in order to develop and improve lending services, as well as to offer them to small and medium-sized enterprises (SMEs) from the UK and the Netherlands.
Barclay is investing in the fintech provider of revolving business credit an amount of EUR 200 million in warehouse financing, and M&G Investments is set to provide up to EUR 40 million in mezzanine funding.
According to the press release, Neu Capital acted as a financial advisor for the TP24 company during the process of transactions with Barclays and the M&G Investments.
Switzerland-based company TP24 delivers small and medium-sized enterprises and businesses dynamic revolving loans and services, with sums that go from EUR 250,000 to EUR 5,000,000. The companies’ debtors are made collaterals, without being taken over. SMEs can use the solutions provided by TP24 in order to grow their businesses in the local industry, in addition to wider markets as well.
TP24 will continue to offer customers and SMEs flexible and secure revolving business credit based on their invoices, without the process of taking over the debtor base. In addition to the sum of EUR 200 million that will be focused on the UK and the Netherlands, TP24 aims to use an amount of up to EUR 105 million that was made available by Barclays for lending services in Australia.
As progressive SME lending represents a critical step to the development and growth process of many businesses and enterprises, the TP24 will prioritise the convenience, affordability, and security of their solutions in order to improve the overall experience of small and medium-sized enterprises, companies, as well as clients.
Furthermore, with its services, TP24 will also offer firms its solutions in order for them to face the challenges and pressures of the industry while providing the needed capital for improved overall management of operation costs and efficient scale-up development.
By using secure technology, TP24 aims to deliver its suite of products to companies and customers, allowing them to work with capital more efficiently and securely, with the possibility to remain in control over their debtors. The capability was designed to fill the gap between the offer from banks and other existing alternative financiers and FIs.
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