Global embedded business finance platform Liberis has secured an additional €30m funding from Silicon Valley Bank UK to support its European expansion.
The funds have been earmarked to expand across the Nordics and Europe, with a particular focus on Poland and Germany. Capital will also be used to bolster its product offerings.
Leveraging machine learning, Liberis understands a customer’s risk profile and available funding options to provide them with better access to credit.
A recent report from the International Monetary Fund found that half of the European Union and a third of the globe will face recession in 2023. Liberis believes it is positioned to help the SMEs grow their operations during this time.
Through Liberis, SMEs can get loans from as little as £1,000 up to £1m, with quotes available within 48 hours.
Speaking on the deal, Silicon Valley Bank UK managing director Conor Sheehy said, “We’re delighted to be working with Liberis as the team accelerates the business into new European territories and beyond. SME owners play a key role in driving the economy forward, and Liberis is supporting small businesses by giving access to reliable and sound capital to support their growth.
“We look forward to working with Liberis to help them improve their customers’ probability of success as they extend their essential services into new geographies.”
The company has issued nearly €1bn to over 23,000 businesses.
With the close of the round, the FinTech company has raised a total of €430m in funding. Most recently, it secured £140m in a financing round from Barclays Bank and BCI Finance.
In other lending news, European lending platform TP24 received a mezzanine funding facility from Channel Capital Advisors. Based in Switzerland, European lending platform TP24 is a data-driven working capital provider for SMEs.
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