Point-of-sale finance provider Duologi has raised £20m in a funding from the structured lending team Paragon.
Paragon’s structured lending team provides senior secured funding to UK-based non-bank lenders to support their growth. The structured lending team was launched in October last year, with its initial deal being a £57.5m capital injection to SME lender Liberis.
UK-based Duologi provides merchants with POS financing solutions for online and in-store transactions, enabling customers to access affordable repayment plans. Through the solution, consumers can access loans between £150 to £25,000 on loan terms ranging from 3 to 60 months.
The company offers products from zero per cent interest and deposits spanning from zero to 50 per cent. Duologi is used across the retail, healthcare, education, travel and property sectors.
With this capital injection, the company will look to increase its customised POS finance solutions.
Duologi compliance and strategic projects director James Irvine said, “We have ambitions to grow the company and have a £1 billion portfolio in five years, so this facility from Paragon is an important step in working towards that goal.
“This is the first structured facility we have taken out and Paragon’s Structured Lending team has been very supportive in working out a deal that suits our ambitions.”
Earlier in the year, Paragon made a £15m investment into point-of-sale lending company PayBreak. The company offers a digital point-of-sale finance service for retailers, allowing customers to spread the cost of purchases through its afforditNOW app.
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