TP24, a financial technology firm whose backers include UBS Group AG, has raised £345 million ($449 million) in debt funding from Barclays Plc and asset manager M&G Plc to boost lending to small-and-medium sized enterprises in the UK, the Netherlands and Australia.
(Bloomberg) — TP24, a financial technology firm whose backers include UBS Group AG, has raised £345 million ($449 million) in debt funding from Barclays Plc and asset manager M&G Plc to boost lending to small-and-medium sized enterprises in the UK, the Netherlands and Australia.
Barclays agreed to provide as much as £200 million in so-called warehouse financing, while M&G is offering as much as £40 million in mezzanine funding, according to a statement on Wednesday. This £240 million funding will be deployed for lending in the UK and the Netherlands. For lending in Australia, Barclays will provide as much as £105 million.
The closely-held TP24 provides SMEs with flexible revolving loans from £250,000 to £5 million without taking over outstanding invoices, the statement said. It aims to help entrepreneurs who need working capital, filling the gap between what banks and other alternative financiers offer.
“With the committed capital from Barclays and M&G, we can really make a difference for UK SMEs,” Niels Turfboer, managing director for TP24 in the UK and the Netherlands, said in the statement.
Founded in Zurich in 2018, TP24 also has offices in Melbourne, Amsterdam and London, according to its website. Besides UBS, its main shareholders also include SIX Group AG, which operates the Swiss stock exchange, and Berliner Volksbank Ventures.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.