Muse Finance, which offers small business loans, has received a $20m debt facility to help it support customers.
The funds give Muse access to over $96m and comes shortly after it bagged £64m in funding from UK and European corporates, RiverRock and Prime 5 Finance.
It also comes ahead of a planned Series A round, which is scheduled for early 2023.
With this capital, Muse hopes to increase its support to companies and ensure more companies have access to small business loans. It will also help Muse provide its invoice and supply financing solutions to companies in the US.
Muse supplies business owners with up to a 90-day cash flow snapshot with quick access to finance. Its app provides clients with access to sustainable funds quicker than traditional lenders.
As part of its lending offerings, companies can access supply finance and invoice finance to pay overseas suppliers whilst cash is tied up in pending business invoices.
Muse founder and CEO Ann Marie Juliano said, “We’re thrilled to announce that we’ve extended our debt facility at Muse, raising a further $20m to support UK small business. Right now there’s unprecedented pressure on businesses across the globe, particularly when it comes to cash flow management.
“We’re specifically built to help businesses that need fast access to funds to continue to grow – and with this facility we’ll be able to do even more to ensure small, ambitious businesses have the access to working capital that they need.”
Muse claims to have nearly 5,000 customers in the UK and has supplied finance for over 36,000 invoices.
There have been a number of SME lending companies to raise funds this year. At the start of 2022, OZÉ secured $3m for its oversubscribed pre-Series A round. The company provides digital record-keeping tools with embedded finance products to MSMEs across West Africa.
Copyright © 2022 FinTech Global
