Germany-based Myos has reportedly secured €25m in funding to support its expansion into the UK.
In addition to helping its international growth, the company hopes the funds will enable it to expand its client base to reach more small retailers, according to a report from The Paypers.
The investment was backed by Xploration Capital and Fasanara Capital.
The FinTech company claims to be the first product-backed financing for merchants. Clients can use the platform to access financing options, including purchase, stock and cross financing.
A client applies for finding within five to ten minutes and once checks and approvals are completed, they can order new goods or put stock on hand as collateral. Myos will pay out the financing amount following production, dispatch or arrival of the goods. Once the sale is successful, the client pays back a percentage and Myos releases further goods accordingly. This process is repeated until financing is settled and all products are released.
Earlier in the year, German challenger bank Penta secured €7.5m in its Series B funding round. The company provides SMEs with digital banking services, including expense management, German IBAN accounts and debit cards.
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