Liberis, a UK-based fintech, announced on Tuesday it secured £70 million in financing from long-term partners British Business Investments, Paragon Bank, BCI Europe, as well as financing and venture debt from new partner Silicon Valley Bank (SVB). The newly acquired funds brings Liberis’ total funding to £200 million in total, including over £50 million in equity funding.
As previously reported, Liberis provides finance for small businesses. It funds from 2,500 to £300,000 to limited companies, partnerships, and sole traders. Liberis claims it has provided small businesses with more than £450 million in funding of which the majority through its innovative Funding-as-a-Service platform with integrated partners.
“We deliver finance solutions directly to small businesses, and provide a scalable, finance platform for partners to help them build more valuable relationships with their small business customers. Our technology is revolutionising the way businesses offer and access finance by being easy to access, understand and use.”
Liberis further revealed it has provided over half of £500 million in financing to 16,000 SMEs across Europe, the U.S., and UK, including £250 million in the past two years alone. Speaking about the funding and growth of the company, Rob Straathof, CEO of Liberis, stated:
“Our significant growth in the past two years has highlighted the need in the market for SME support, especially during uncertain times. As an SME ourselves, we understand the plight and have survived an economic downturn. With uncertainty in the market, funding can be hard to access from more risk averse institutions. We are thrilled to have extra resources to help our partners support SMEs’ survival through COVID and beyond.”
Judith Hartley, CEO of British Business Investments, then commented:
“At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK. By supporting innovative lenders such as Liberis, we can continue to help smaller businesses access the finance they need to achieve their growth ambitions.”
Liberis went on to add that new funds will be used to fuel company growth, launch new products and markets, and provide additional customer financing solutions.