Selina Finance bags ?42m in new round to strengthen its loan capabilities for SMEs

SME loan FinTech Selina Finance has raised ?42m in a new round to grow the business.

The round was supported by Picus Capital and Global Founders Capital among ofter investors, TechCrunch reported.

The UK-based FinTech’s new round made up of ?12m and ?30m in debt to distribute as loans.

The startup was founded in 2019. It allows small businesses to get loans by putting up their properties as collateral. These flexible credit facilities can then be paid back over time.

Companies can borrow up to ?1m in funds.

?Selina Finance is bringing much-needed innovation to the UK lending space by allowing customers to access the equity locked up in their residential property, seamlessly and on flexible terms,said Robin Godenrath, MD at Picus Capital, in a statement.

?The team impressed us with their strong focus on building a fully digital customer experience and have already achieved great product-market fit with their business loan use case. Were excited and confident that Selina consumer proposition will also become an attractive alternative in the consumer lending space.p>

Copyrigh ? 2020 FinTech Global

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