TP24 provides flexible revolving credit against outstanding invoices.

TP24, a fintech company specializing in flexible revolving business credit, has secured £345m in debt funding from Barclays Bank Plc (LON: BARC) and M&G Investments, both based in the UK. Out of this funding, £240m will be allocated for lending to SMEs in the UK and the Netherlands. Barclays is contributing up to £200m as warehouse financing, while M&G is providing up to £40m as mezzanine funding.

TP24’s lending model is based on outstanding invoices for SMEs, offering them flexible revolving credit without taking control of their debtor base. Apart from the £200m for the UK and the Netherlands, an additional £105m has been made available by Barclays to support lending by TP24 in Australia.

Gordon Beck from Barclays emphasized the importance of progressive SME lending for business success. Similarly, M&G’s ABS Portfolio Manager, Alexis Dussault, said TP24 provided SMEs in the UK and the Netherlands access to affordable and fast financing, thereby contributing to the growth of local economies, particularly in challenging economic environments. (Financial IT)

According to Niels Turfboer, TP24’s Managing Director, the support from established institutions validated the firm’s product strength and team’s talent, enabling further expansion.

TP24’s flexible revolving loans, ranging from £250,000 to £5,000,000, serve as a unique proposition for medium-sized SME entrepreneurs, filling the gap between traditional bank offers and alternative financing options.

The firm allows SMEs to manage their operational costs and scale up successfully while retaining control of their debtor relationships.

The company has branches in Switzerland, Australia, the UK, and the Netherlands, with plans to support as many SME entrepreneurs as possible to give a boost to the UK economy.

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