Embedded lending platform Groov has raised £1.5 million in seed funding, according to a note from the firm. The Fintech says the money will drive the next generation of embedded lending, offering more options, better terms, and higher approval rates via a simple API.
Fuel Ventures led the funding round, which included the participation of Aperture Capital and some ” industry-focused” angels.
Mark Hazzard, CEO of Groov, said the company is excited to partner with Fuel Ventures and the other investors.
“This investment validates our vision to responsibly enable any SME to access capital on their terms at their point of need.”
Founder of Fuel Ventures Mark Pearson, when speaking with Hazzard and their CTO, they felt that they were on to something special.
“Their vision to innovate the SME capital space is a brave goal and we at Fuel embrace that way of thinking. The combination of their platform together with the strength and experience of the team made us decide to invest in Groov.”
Groov says it will launch various products, including a merchant cash advance solution.
The funding is expected to be primarily used to accelerate the development of their innovative platform. Groov says it aims to embed commercial lending products into platforms used by SMEs, building a multi region-multi lending product company.
