By Lisa Walls-Hester on 8th August 2016
TradeRiver Finance has reached a significant milestone, lending £100m to high growth SME businesses in the UK.
TradeRiver Finance has provided trade credit for 1,600 separate transactions to 76 UK companies and funded goods or services with over 185 of their customers’ suppliers in 26 countries around the world.
The TradeRiver online funding platform provides businesses with unsecured revolving credit facilities from £100k up to £5m
The online funding solution was founded in 2011 as an alternative to conventional banking facilities and an addition to traditional trade finance, providing a source of unsecured working capital, allowing companies to act as cash buyers.
It has built a diverse customer-base in the UK and now aims to double the size of its UK market in the next 12–18 months.
Richard Fossett, TradeRiver Finance’s CEO says, “I'm delighted that we have now lent over £100m to high growth businesses in the UK. In our short life, we have funded over 1,600 transactions, many of which were purchases from suppliers overseas. We are pleased to have played even a small role in our customers' success. We enjoy watching them grow and being part of that growth. We remain committed to playing an even greater role in supporting British business growth.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.