Invoice factoring start-up Revving secures £107m in mix of equity and debt funding
UK-based fintech Revving has landed a £107 million investment led by asset manager DWS, comprising £7 million in equity and £100 million in debt funding.
Revving founders David Mandeno (left) and Chris Pettit (right)
Founded in 2020 by CEO Chris Pettit and COO David Mandeno, Revving offers a technology platform designed to help digital businesses – particularly in the adtech sector – access cash from their sales revenue, enabling them to receive funds faster through invoice factoring.
UK adtech is currently estimated to contribute £129 billion to the domestic economy, yet Revving says extended payment terms have left businesses waiting in excess of four months to receive payments from invoices.
The fintech says its receivables funding platform “integrates with digital platforms and marketplaces to capture sales data and provide instant access to revenue ahead of invoice creation”, providing users with more “transparency and control over their cashflows”.
The start-up says it plans to invest the debt “directly into the UK adtech sector and wider digital economy”, with the goal to fund “up to £1.8 billion to UK digital businesses” over the next three years through its invoice factoring platform.
Revving’s commitment to alleviating cash flow struggles could potentially boost the UK economy by £8.6 billion, the company states, citing The Digital Dividend report published by the UK’s Interactive Advertising Bureau (IAB) in 2023.
