SME lender 365 Finance secures £150m debt facility from Pollen Street Capital
London-headquartered revenue-based financing firm 365 Finance has landed a £150 million debt facility from Pollen Street Capital.
365 Finance lands £150 million debt facility from Pollen Street Capital
The new facility, which builds on a previous agreement between the two firms, will enable 365 Finance to boost its lending to small and medium-sized enterprises (SMEs) both in the UK and now Ireland, following the company’s expansion into the latter market earlier this month.
The company says that the facility “now also incorporates a euro line to support Irish SMEs”, adding that the debt funding will “support over £300m in annual originations and builds on 365’s 50% annual growth-rate since 2020”.
365 Finance, which offers a merchant cash advance product to enable SMEs to secure funding as an alternative to bank loans, claims to have originated more than £500 million in loans to the segment since 2014.
The company’s flagship Rev&U platform utilises AI to automate and streamline the underwriting process, enabling businesses to secure funds in “less than 24 hours from application”, the company says.
The lender can provide business loans from £10,000 to £500,000 to UK businesses, while in the Republic of Ireland, SMEs can secure loans of between €10,000 and €250,000.
The new facility comes three years after the company secured a £55 million debt and equity raise, with Pollen Street Capital providing the debt facility and Kendal Capital leading the equity round.
