TP24 is raising £345m in funding from Barclays and M&G Investments

Amsterdam, 19 July 2023 – TP24, a fintech provider of flexible revolving corporate credit, has raised £345 million in funding from UK parties Barclays and M&G Investments. Of this amount, £240 million will be used to provide loans to SMEs in the Netherlands and the UK. Barclays is offering up to £200 million, while M&G is offering up to £40 million.

TP24 offers flexible revolving business loans to medium-sized SMEs based on their outstanding invoices without taking over the borrower base. In addition to the £200 million for the Netherlands and the UK, Barclays has made up to £105 million available for TP24 lending in Australia.

Gordon Beck, Barclays’ head of European corporate & fixed security, said: “Barclays is delighted to support TP24 in its work to deliver innovative credit solutions to SMEs in the Netherlands, UK and Australia. Innovative SME lending is critical to the prosperity and success of many businesses, and TP24’s solutions are tailor-made, affordable and simple. Barclays is proud to partner with TP24, which is driving this innovation globally.

Alexis Dussault, ABS portfolio manager at M&G, commented: “We are delighted to have been able to close this round of funding with TP24. Their offering to SMEs in the Netherlands and the UK enables those companies to access affordable, flexible and quick financing to support and grow their business in a challenging environment. The M&G is proud to fund the local and wider economy, and to fund innovation with TP24’s outstanding team.

Niels Turbor, managing director of TP24 in the Netherlands and UK, said: “We are delighted and honored to announce these agreements today. The support of renowned parties such as Barclays and M&G confirms the strength of our innovative product and our talented team, and gives us the opportunity to grow further.

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Motivation for Dutch SMEs

TP24 was launched in Switzerland in 2018 and opened branches in Australia (2019), United Kingdom (2021) and Netherlands (2022) in the following years.

“With the capital now committed, we can really make a difference for Dutch SMEs,” explains Niels Turbor. In the coming years, we will do everything we can to help as many SME entrepreneurs as possible realize their ambitions and give the Dutch economy an extra boost.

A unique proposition

Dutch SMEs looking for financing for further growth can turn to TP24 for flexible revolving credits ranging from €250,000 to €5,000,000. The condition is that they are established in the Netherlands, have been operating for at least 3 years and have a debtor file of more than €350,000. Unlike factoring, outstanding invoices are not picked up by TP24.

TP24’s flexible revolving credit is a unique proposition for medium-sized SMEs looking for working capital, filling the gap between banks’ offerings and existing alternative lenders. By using innovative technology, customers are helped quickly and efficiently at attractive rates, while they remain in control of their borrowers.

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New Capital acted as financial advisor to TP24 in the transactions with Barclays and M&G Investments.

About TP24

Fintech venture TP24, launched in Switzerland in 2018, offers SMEs dynamic revolving credits from €250,000 to €5,000,000. Creditors of those companies operate as securities rather than being acquired. TP24 is active in the Netherlands, Switzerland, Australia and the United Kingdom. TP24 is privately owned, with major shareholders being Credit Suisse, SIX Group and Berliner Volksbank Ventures.

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In the Netherlands, TP24 carries the MKP Financier Quality Mark, recognized by Stichting MKP Financiering.

https://tp24group.com/nl/

This article is a submission and not the responsibility of the authors.

Ferdinand Woolridge

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