TP24 Raises £345M in Funding for Flexible Business Credit
TP24, a London, UK-based fintech provider of flexible revolving business credit, recently announced that it has raised a significant amount of £345M in funding. This impressive funding round was made possible thanks to the support of key investors, with Barclays leading the way by providing up to £200m in warehouse financing. Additionally, M&G has contributed up to £40m in mezzanine funding. These investments will play a crucial role in fueling TP24's mission to provide accessible lending solutions to small and medium-sized enterprises (SMEs).
Barclays has not only allocated funds for the UK and the Netherlands but has also earmarked up to £105m to support TP24's lending activities in Australia.
With this infusion of capital, TP24 aims to expand its operations and extend its business reach, enabling them to better serve SMEs in need of financing options. One of the key advantages of TP24's model is its focus on providing flexible revolving business credit based on SMEs' outstanding invoices, without taking over their debtor base. This means that SMEs can access the funding they need while retaining control of their financial relationships.
In the UK, TP24 offers SMEs the opportunity to request flexible revolving loans ranging from £250,000 to £5,000,000 to support their growth ambitions. However, there are specific eligibility criteria that SMEs must meet, including being based in the UK, having a minimum of three years of operational history, and maintaining a debtor base of at least £350,000. Unlike traditional factoring arrangements, TP24 does not take ownership of outstanding invoices, providing SMEs with greater flexibility and control over their finances.
Since its inception in 2018 in Switzerland, TP24 has rapidly expanded its global presence. It established branches in Australia in 2019, followed by the UK in 2021 and the Netherlands in 2022. TP24 is a privately owned company, with main shareholders including Credit Suisse, SIX Group, and Berliner Volksbank Ventures. With its innovative approach to lending, TP24 is well-positioned to make a significant impact on SMEs around the world by providing them with the financial resources they need to thrive and grow.
They've invested in TP24
Get to know these Fintech investors
| # | Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|---|
1 |  Barclays | 6 investment(s) investment(s) | more info | |||
2 |  M&G | 1 investment(s) investment(s) | more info | |||
3 |  Credit Suisse | investment(s) investment(s) | more info | |||
4 |  SIX Group | 1 investment(s) investment(s) | more info | |||
5 |  Berliner Volksbank Ventures | 1 investment(s) investment(s) | 6 contacts contacts |
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