Swiss-based B2B asset-backed lender TP24 has achieved a significant milestone by securing £345 million in debt funding, with a major portion of £240 million dedicated to supporting SMEs in the UK and the Netherlands. The financing triumph was made possible through a collaboration with two renowned entities: Barclays, contributing up to £200 million in warehouse financing, and M&G, offering up to £40 million in mezzanine funding. Notably, Barclays has also extended its support to TP24's lending activities in Australia, providing an additional £105 million.
"This is an exciting moment as we proudly announce these agreements today. The backing from established players like Barclays and M&G validates the strength of our innovative product and the exceptional talent within our team. It also presents us with invaluable opportunities for further growth," remarked Niels Turfboer, the Managing Director of TP24 in the UK and the Netherlands.
TP24 specializes in providing flexible revolving business credit to SMEs, leveraging their outstanding invoices without assuming control over the debtor base. In addition to the substantial £200 million allocation for the UK and the Netherlands, Barclays has made a noteworthy provision of up to £105 million for TP24's lending operations in Australia.
Launched in Switzerland in 2018 by founders Ben James, Martijn Corbée, Steve Pike, and Niels Turfboer, TP24 has expanded its operations to encompass Australia, the UK, and the Netherlands. UK-based SMEs seeking financing solutions to fuel their growth can now turn to TP24 for flexible revolving loans ranging from £250,000 to £5 million. The only prerequisites are that the businesses must be situated in the UK, have a minimum of three years of operational history, and maintain a debtor base exceeding £350,000. TP24 stands out from traditional factoring services as it does not take over outstanding invoices, providing businesses with greater autonomy.
TP24's offering of flexible revolving credit represents a distinctive proposition for medium-sized SME entrepreneurs seeking working capital, bridging the gap between bank offerings and existing alternative financiers. Leveraging innovative technology, TP24 swiftly and efficiently assists customers at attractive rates while empowering them to retain control over their debtors.
TP24's successful raise of £345 million in debt funding, backed by esteemed institutions such as Barclays and M&G, showcases the confidence in TP24's groundbreaking product and its exceptional team. The influx of funds will further fuel the company's growth trajectory, allowing it to continue its mission of providing SMEs with flexible revolving business credit that empowers them to thrive and succeed. With TP24's innovative approach and commitment to customer-centric solutions, the future appears promising for the company and the SMEs it serves.