Teylor, a SME lending platform based in Switzerland, has closed its funding round on CHF 8m ($8.3m).
The capital was supplied by VC WENVEST Capital and Steinbeis, as well as angel investors including EFGAM Global co-head and CEO Patrick Zbinden. Contributions also came from unnamed family offices and institutional investors in Switzerland, Germany and Israel.
With the close of the round, the company plans to expand across Europe and will cement its position in the market. To support its expansion efforts, the company is opening an office in Berlin and will launch in two European countries this year.
The company also hopes to add more clients and increase its market share.
In addition to loans financed by several bank partners, the FinTech will use some of these funds to finance loans via its own debt vehicle.
Founded in 2018, the company offers digital credit solutions for SME businesses, with access of loans between â‚¬20,000 and â‚¬450,000.
While the coronavirus has caused a lot of trouble for many businesses, Teylor claims it has seen a significant increase in demand and helped accelerate its growth.
Teylor founder and CEO Patrick StÃ¤uble said, “The fact that we were able to successfully close the financing round in the middle of a pandemic and economic crisis shows that our investors firmly believe in this vision.
â€œThanks to the hard work and outstanding performance of our team, we have been able to bring a product to market that is in high demand by both lenders and borrowers. I believe the changes in the market brought on by the Covid-crisis, combined with the new capital we now have available, will pave the way for us to become one of the leading players in the European SME lending market in the coming years.”
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