The UK based business lending platform Ebury has raised £54m in equity capital.
The round has been led by Vitruvian Partners, with participation also coming from previous investor 83North. The £54m ($83m) in equity funding means that the thus far rather under-the-radar Ebury has now raised a grand total of $110m. The platform operates a balance sheet lending model, rather than serving as a marketplace for debt investment.
Ebury’s mission is to empower businesses to trade more competitively by offering up to £1m in revolving credit facilities for up to 150 days. The platform also allows its customers to deal in over 140 currencies, meaning that payment and repayment may be completed seamlessly when operating overseas. In other words, Ebury enables businesses to manage cash flows, collect money from overseas customers, move cash between international subsidiaries, manage currency exposure and distribute funds globally.
The platform’s customer base doubled during the 12 months prior to April 2015, and it is now servicing over 10,000 mid-sized businesses in over 180 countries. We’re told that the firm will at least match that level of growth this year.
We also understand that the fresh £54m in equity funding will be used to drive an expansion across Europe, whilst also allowing Ebury to launch in the US. The latter of these two initiatives is slated for the first half of 2016.
Salvador Garcia, CEO and Co-Founder of Ebury, offered comment:
“As the world becomes smaller, international trade has become a critical growth factor for almost every business. However, the traditional financial system has failed to keep pace with the needs of mid-sized businesses, offering prohibitive rates and services that are too slow and cumbersome for organisations that must move quickly to take advantage of new opportunities.
“By providing these previously underserved businesses with financial services that are normally reserved for large companies, Ebury is enabling them to fulfil their international potential and to perform like major corporates on the world stage.
“This means that today’s investment will not only help fuel our global growth, but that of thousands of mid-sized businesses around the world.”
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