TradeBridge, a business lender, has received a credit facility of up to £100m from Castlelake, a global investment manager.
This fresh financing, along with existing senior banking facilities, will help TradeBridge’s position in the revenue-based finance space. It will also help the FinTech company expand in the UK healthcare sector.
TradeBridge, which was founded in 2013, offers revenue-based finance to National Health Service pharmacies and dental practices across the UK that are looking to bolster their capital position. Other sectors supported are e-commerce and corporate.
The company supports over 50 countries and has distributed more than $3bn through working capital. According to its website, it has also grown its funds-out by 97% year-on-year.
To give companies the best loan options, TradeBridge utilises real-time trading data and other business information to get a better understanding about the strength of a company.
Castlelake deputy co-chief investment officer Isaiah Toback said, “We look forward to leveraging our experience in revenue finance to support TradeBridge’s origination growth goals.
“And we believe our partnership will help provide an innovative solution to vital healthcare providers while delivering value for our investors.”
Castlelake has issued more than $4bn in specialty finance investments since 2015.
A recent transaction from Castlelake was a $200m credit facility into Marco, a tech-enabled trade financing platform for SMEs in Latin America and the US.
Marco claims its technology-powered risk solutions outperform traditional financing methods, enabling SMEs to receive a decision within days, rather than weeks.
In other lending news, Sora Finance raised $3.9m funding round to help advisors find the best deals for new or existing home, auto and student loans. The company recently launched its latest solution, buy now refi later for free.
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