TP24 lands CHF 400 million of additional funding from Barclays and M&G

19.07.2023 09:00, Guillaume Tinsel

TP24, a Zürich headquartered FinTech SME lender, is thrilled to announce the closing of a substantial debt financing round. The company has secured CHF 400 million in debt financing from two established financial institutions, with up to CHF 355 million senior facility from Barclays Bank Plc (“Barclays”), and a CHF 45 million mezzanine facility from M&G Investments.

This landmark transaction stands out as one of the largest fundraisings in the global private debt market for alternative SME lenders and the fintech industry in 2023. TP24’s achievement highlights its exceptional growth trajectory and solidifies its position as a prominent player in the international SME lending space.

The multi-currency facility will be allocated across Australia, UK, and the Netherlands, driving accelerated growth in these markets, increasing net interest margins, and establishing a robust capital pool SMEs can rely on. 

“Barclays is pleased to support TP24 on its mission to provide innovative lending solutions to SMEs across Australia, the UK, and the Netherlands. Progressive SME lending is critical to the health and success of many businesses, and TP24’s solutions are tailored, affordable, and convenient. Barclays is proud to be partnering with TP24 as it leads this innovation on a global stage.” Gordon Beck, European Head of Corporate & Sustainable Securitisation at Barclays

“We are pleased to close this funding round with TP24. The product they offer to SMEs in the Netherlands and the UK will help them access affordable, flexible, and fast financing to grow and support their business in a challenging environment. M&G is proud to contribute to the financing of the local and wider economy and to fund innovation with TP24’s outstanding team.” Alexis Dussault, ABS Portfolio Manager of M&G

Initially launched in Switzerland in 2018, TP24 expanded into Australia in 2021, the UK, and the Netherlands in 2022. Its flagship product, CreditLine, is a unique asset-backed lending solution for B2B SMEs. It allows SMEs to leverage their receivables as collateral using a sophisticated securitization methodology. Credit is secured against a floating asset base, monitored daily in a fully automated process via its proprietary system, and wrapped by a globally unique insurance package. TP24 offers lines between CHF 250 k to CHF5mn and since its founding, has processed over CHF7 billion in volume.

“This transaction marks a monumental milestone for TP24 and reinforces our position as a frontrunner in the FinTech SME lending space. The overwhelming support from Barclays and M&G reflects their confidence in our unique business model, state-of-the-art technology, and commitment to empowering the entrepreneurial SME ecosystem. We are excited about the opportunities ahead.” Ben James, Founder and CEO TP24 (portrait picture on the left)

TP24 will continue to deliver incomparable financial solutions to SMEs, revolutionizing the way businesses access capital and thrive in today’s dynamic market environment.

TP24 participated in Venture Leaders Fintech in 2018 and was ranked among the TOP 100 Scale-Ups in 2022.

Source: TP24 Press Release