Business loan provider October has received €258m in funding to bolster its capacity to provide financing options.
The company will be using the capital to improve three of its lending products. The first will see it offer an additional €20m for its classic loans to SMEs across Europe.
It is putting €38m to support French companies operating within the tourism sector. This capital was specifically supplied by six major insurance companies and the Caisse des Dépôts. Through these differed repayment loans, October hopes to support the reopening of the hotel and catering industry, as well as other tourism companies.
Finally, €200m of the capital is being used for state guaranteed loans for Italian SMEs. The capital for these loans were supplied by Gruppo Intesa Sanpaolo.
These loan options will be available for companies in Spain, France, Italy, Germany and the Netherlands.
October founder and CEO Olivier Goy said, “These investors were all attracted by October’s technology, which allows them to deploy large amounts of money efficiently, while respecting standardised processes, following precise and tailor-made risk policies and relying on 5 years of accumulated data for more reliable decisions.”
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