SME funding provider Accelerated Payments (AP) announced on Monday it secured a €20 million senior debt line from leading asset manager Channel Capital Advisors to expand AP’s receivables financing capability. Founded in 2017, AP provides finance to businesses with an immediate need for working capital to fund new opportunities for growth or keep the show on the road while they wait to get paid.
“We make it simple, affordable and quick to access funds. We don’t ask for personal guarantees, liens, long-term contracts or onerous paperwork. Our invoice finance solution means clients can access cash in as little as 24 hours.”
AP reported that the significant deal, which more than doubles the company’s invoice financing capability for clients, will notably help to facilitate the business’ growth and expansion into the European market. The deal will also offer additional funds for its SME client base in Ireland and the UK, as they continue to cope with the business and economic challenges associated with the COVID-19 pandemic. Sharing more details about the deal, Ian Duffy, CEO, Accelerated Payments, stated:
“Our partnership with Channel allows us to significantly increase our receivables financing program and provide a more flexible and broader funding base for our SME clients. This recent financing comes at a time when we are expanding rapidly and extending our global reach, while also dealing with the unforeseen challenges caused by COVID-19. This is a mutually beneficial partnership that will enable us to strengthen and grow our position and capabilities.”
Hilmar Hauer, Partner and Head of Debt Products at Channel Capital, added:
“This is our ninth transaction since the beginning of the pandemic in March where we are bringing competitively priced financing for receivables for a Fintech operating in North America and Europe. It is a testament to the quality of the risk management and capability of Accelerated Payments that we were able to secure these funds for their business.”
