Liberis secures £57.5m in funding to support SMEs
Small business finance provider, Liberis, has secured £57.5m in combined funding from British Business Investments, Paragon Bank, BCI Finance, and Blenheim Chalcot. This new facility and equity investment will accelerate alternative finance provider Liberis’ growth in lending to SMEs.
Liberis provides funding from £1,000 to £500,000 to small businesses based on their future credit and debit card sales. The funding is paid back via a pre-agreed percentage of the business’ digital transactions, which means it’s especially suited to seasonal businesses as repayments are made in line with their daily income.
Rob Straathof, CEO of Liberis, said: “Small businesses are the lifeblood of the UK economy yet many still struggle to get much needed financial support from traditional providers. At Liberis, we’re on a mission to fund small businesses to help them achieve their ambitions. We’re incredibly proud to support hardworking business owners.”
“Liberis provides a flexible lifeline to small businesses who find it increasingly difficult to draw on bank overdrafts. Our innovative product has proven particularly popular with retail and hospitality businesses where income fluctuates on a seasonal basis. New lending to small businesses by banks has been decreasing since Q4 16 and Liberis jumps into the void with our ‘pay as you earn’ funding solution.”
To date Liberis has helped over 7,000 small businesses and advanced £210m in funding. Moving forward, the company aims to further empower small businesses, broadening customer reach through strategic partnerships and international expansion.