Swiss-based B2B asset backed lender TP24 has raised £345 million in debt funding - £240 million of that will be added to the kitty for lending to SMEs in the UK and the Netherlands. Coming up trumps with the funds was Barclays who is providing up to £200 million in warehouse financing and M&G providing up to £40 million in mezzanine funding. Barclays has also made available up to £105 million for TP24 lending in Australia.
"We are pleased and proud to announce these agreements today. The support from established parties like Barclays and M&G confirms the strength of our innovative product and the talent of our team and gives us the opportunity to grow further," said Niels Turfboer, Managing Director of TP24 in the UK and the Netherlands,
“Barclays is pleased to support TP24 on its mission to provide innovative lending solutions to SMEs across the UK, the Netherlands and Australia. 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," said Gordon Beck, European Head of Corporate & Sustainable Securitisation at Barclays.
Main image: Niels Turfboer, TP24