Swiss Fintech TP24, (former Tradeplus24) has raised £345m (CHF 380m CHF) in debt funding from UK parties Barclays Bank and M&G Investments. The amount of £240m will be used for lending to SMEs in the UK and the Netherlands. Barclays is providing up to £200m in warehouse financing, while M&G is providing up to £40m in mezzanine funding.

TP24 provides SMEs with flexible revolving business credit based on their outstanding invoices, without taking over the debtor base. In addition to the amount of £200m for the UK and the Netherlands, an amount of up to £105 million has also been made available by Barclays for lending by TP24 in Australia.

Gordon Beck

Gordon Beck, European Head of Corporate & Sustainable Securitisation at Barclays, said:

“Barclays is pleased to support TP24 on its mission to provide innovative lending solutions to SMEs across the UK, the Netherlands and Australia. Progressive SME lending is critical to the health and success of many businesses, and TP24’s solutions are tailored, affordable, and convenient. Barclays is proud to be partnering with TP24 as it leads this innovation on a global stage.”

TP24 was launched in Switzerland in 2018 and in recent years opened branches in Australia (2019), the UK (2021) and the Netherlands (2022).

Unique proposition

UK SMEs looking for financing for further growth can turn to TP24 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.

Featured image credit: TP24 Team