Niels Turfboer / TP24.
Swiss lender TP24 raises £345m from Barclays and M&G to support SMEs in the UK, Netherlands and Australia
Managing director Niels Turfboer believes TP24 can become a major UK SME lender by filling the gap between banks and existing alternative lenders.
Banking giants Barclays and M&G have backed Swiss SME lender TP24 with a £345m debt funding line, around a third of which will be used to support UK businesses.
TP24 was founded in 2018 and launched in the UK in 2021 and the Netherlands in 2022, both under the leadership of Niels Turfboer.
Turfboer is a familiar face in the alternative SME lending sector, as he was also previously the managing director of online lender Spotcap in the UK and Netherlands.
"With the committed capital from Barclays and M&G, we can really make a difference for UK SMEs," said Turfboer on the funding news.
“Small and medium-sized businesses across Britain are facing unprecedented challenges that are impacting cash flow - from the cost-of-living crisis and soaring energy bills to high interest rates.”
TP24’s solution is its flexible revolving loans from £250,000 up to £5m for businesses that have been operational for at least three years and have a debtor base of over £350,000.
The loans are intended for working capital purposes, and to fill the gap between banks and existing alternative lenders.
Of the debt funding raised £240m will be used for lending in the UK and the Netherlands, with £105m being made available by Barclays specifically for lending in Australia, again to fill the gap between banks and existing lenders.
“TP24 has created a valuable service that can help overcome these pressures by providing the capital that companies need to manage their operation costs and to scale up successfully,” added Turfboer.