Swiss small and medium enterprise (SME) financing startup Tradeplus24 announced that it will be expanding into the UK with the close of a £30 million debt facility provided by San Francisco-headquartered global credit fund, Partners for Growth (PFG), with advice offered by debt advisory, Neu Capital.
The funds will be used to rapidly scale Tradeplus24’s revolving lines of credit for SMEs across the UK.
The lines of credit range between £250,000 and £5 million, and are secured by trade receivables in a unique insurance-wrapped securitisation structure that is recognised as investment grade by institutional investors, large debt funds, and investment banks alike.
The deal also marks a major milestone for PFG as it represents the launch of PFG’s fintech and asset backed lending operations in the UK and Europe which will be overseen by its Head of Europe & Co-head of Fintech, Armineh Baghoomian.
This transaction is also one of PFG’s largest deals in Europe to date.
Tradeplus24 is a Zurich-founded fintech, with offices in London, Amsterdam, Zurich and Melbourne. The company is backed by leading investors such as Credit Suisse, SIX Group, Berliner Volksbank.
Karthi Sepulohniam
Karthi Sepulohniam, PFG’s Managing Director said,
“Tradeplus24 has proven itself to be an innovative leader in SME financing, with its differentiated and superior receivables financing product which reduces operational burden for its customers in a way that other providers cannot match.
The transaction made sense for us on many levels, and we look forward to growing with Tradeplus24 as it continues to scale in the UK and other markets globally. “
Niels Turfboer
Niels Turfboer, Managing Director for UK & Netherlands at Tradeplus24 said,
“PFG is a first-class partner to have by our side as we seek to modernise the UK SME lending space. PFG understands and sees that, unlike most UK lenders, our product was built with a customer-first approach.
Our entirely unique solution allows our customers to focus on their businesses and not on managing an overly complex finance product. This debt facility will allow us to accelerate our growth in the UK market, and provide local SMEs with a competitively priced and seamless product.”
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