TP24, a fintech provider of flexible revolving business credit, has raised £345m in debt funding from UK parties Barclays Bank Plc (“Barclays”) and M&G Investments.
In brief:
-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 was launched in Switzerland in 2018 and in recent years opened branches in Australia (2019), the UK (2021) and the Netherlands (2022).
What does this mean?
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.”
