The funds will be used to rapidly scale Tradeplus24’s highly competitive revolving lines of credit for SMEs across the UK, after already experiencing great success with small and medium sized enterprises (SMEs) across Switzerland, The Netherlands, and Australia.
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.
Tradeplus24 allows companies to unlock working capital
The Tradeplus24 platform allows firms to unlock working capital for trade receivables, which is in contrast to a majority of invoice finance companies that only offer domestic solutions.
The deal is a major milestone for PFG as it represents the launch of PFG’s fintech and asset backed lending operations in Europe. This deal is one of PFG’s largest in Europe to date.
Niels Turfboer, Tradeplus24 UK & Netherlands Managing Director, 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 small and medium sized enterprises with a competitively priced and seamless product.”
Karthi Sepulohniam, PFG Managing Director, said, “Partners for Growth (PFG) has had its eye on expanding its asset backed lending presence for fintechs in the United Kingdom market for a while, with the Tradeplus24 financing being our first UK deal in this space.”
“It also represents the launch of our asset backed lending operations into the UK and Europe, to be overseen by our Head of Europe & Co-head of Fintech, Armineh Baghoomian.”
“Tradeplus24 has proven itself to be a leader in SME financing, with its unique receivables financing product which reduces operational burden for its clients in a way that other providers cannot match. The deal 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.“
Tradeplus24 is a Zurich-founded FinTech, with offices in London, Amsterdam, Zurich and Melbourne. They provides flexible funding to SMEs in the range of £250,000 – £5,000,000.
It uses an innovative approach that allows companies to securely leverage domestic and international receivables for unlocking working capital. Tradeplus24 is backed by leading investors such as Credit Suisse, SIX Group, Berliner Volksbank.