Barclays and M&G Investments inject £345m into FinTech TP24

Barclays and M&G Investments inject £345m into FinTech TP24

TP24, an innovative FinTech firm offering flexible revolving business credit, has successfully raised £345m in a debt funding round. The round was significantly bolstered by notable UK entities, Barclays Bank and M&G Investments.

The new funding, a colossal £345m, was exclusively provided by Barclays and M&G Investments, according to a report from Financial IT. Among the committed funds, Barclays has agreed to provide up to £200m in warehouse financing, while M&G has committed to a provision of up to £40m in mezzanine funding.

The main thrust of TP24’s operations involves providing small to medium-sized enterprises (SMEs) with flexible revolving business credit. This is cleverly achieved based on their outstanding invoices, negating the need to take over the debtor base. As part of the raised funding, £200m has been designated for the purpose of lending to SMEs in the UK and the Netherlands. Moreover, Barclays has allocated an additional sum of up to £105m for TP24’s lending activities in Australia.

With the newly raised funds, TP24 has clear ambitions for its future. The firm plans to significantly bolster its lending to SMEs in the UK, the Netherlands, and Australia. Its focus on providing innovative, tailored, affordable, and convenient lending solutions is poised to be a critical factor in the success and health of many SMEs in these countries.

There is additional information regarding TP24’s operations in Australia. The company launched in Switzerland in 2018 and subsequently expanded its reach by opening branches in Australia (2019), the UK (2021), and the Netherlands (2022). TP24 is well-positioned to make a significant impact on UK SMEs with the committed capital from Barclays and M&G.

Gordon Beck, European Head of Corporate & Sustainable Securitisation at Barclays, showed his enthusiasm about the funding, saying, “Barclays is pleased to support TP24 on its mission to provide innovative lending solutions to SMEs across the UK, the Netherlands, and Australia. Progressive SME lending is critical to the health and success of many businesses, and TP24’s solutions are tailored, affordable, and convenient. Barclays is proud to be partnering with TP24 as it leads this innovation on a global stage.”

Echoing this sentiment, Alexis Dussault, ABS Portfolio Manager of M&G, said, “We are pleased to close this funding round with TP24. The product they offer to SMEs in the Netherlands and the UK will help them access affordable, flexible and fast financing to grow and support their business in a challenging environment. M&G is proud to contribute to the financing of the local and wider economy and to fund innovation with TP24’s outstanding team.”

Niels Turfboer, Managing Director of TP24 in the UK and the Netherlands, added, “We are pleased and proud to announce these agreements today. The support from established parties like Barclays and M&G confirms the strength of our innovative product and the talent of our team and gives us the opportunity to grow further.”

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