At a time when lending to small businesses in the U.K. has hit an all-time low, London-based SME financial services platform Muse Finance has raised $20 million in a debt facility round.
The fresh capital infusion brings the total amount raised by the company to $96 million. The debt facility comes ahead of its upcoming Series A round, which is planned for early 2023.
The investment will accelerate the startup’s expansion and support customers in the U.K and its launch in the U.S. The platform is being used by 5,000 customers in the U.K to supply finance for over 36,000 invoices.
Founded in 2018, the UK-based fintech aims to optimise the cash flow of SMEs to enable them to gain access to new funds. It offers advanced invoice collections, wherein users can gain instant access to funds owed to them on an invoice. The amount on the invoice is then collected by Muse on the due date.
The company had earlier raised £64 million from RiverRock and Prime 5 Finance Limited.
Muse founder and CEO, Ann Marie Juliano said: “We’ve extended our debt facility at Muse, raising a further $20 million to support U.K. small businesses. Right now, there’s unprecedented pressure on businesses across the globe, particularly when it comes to cash flow management. With this facility, we’ll be able to do even more to ensure small, ambitious businesses have the access to working capital that they need.”