Groov, an embedded lending platform, has announced the completion of its £1.5m seed funding round.
The company, which offers streamlined lending solutions for small and medium-sized enterprises (SMEs), aims to reshape access to capital through its advanced technology.
The round was led by Fuel Ventures, with participation from Aperture Capital and a selection of industry-focused angel investors, according to a report from Crowdfund Insider.
This funding will provide Groov with the resources needed to further develop its lending API, enhancing options, approval rates, and flexibility for SMEs seeking financing.
Groov’s core offering is an API that integrates seamlessly with business platforms, enabling SMEs to access a variety of lending options at competitive terms. By embedding these financial solutions directly within existing workflows, Groov supports SMEs by ensuring capital is available precisely when it is needed, without additional complexity.
The new funding will primarily be allocated towards accelerating the development of Groov’s platform. The company has set its sights on launching an array of lending products, including a merchant cash advance solution, and building a multi-regional lending network to serve SMEs across diverse markets.
Groov CEO Mark Hazzard expressed enthusiasm about the investment, stating, “This investment validates our vision to responsibly enable any SME to access capital on their terms at their point of need.”
In addition to its API solutions, Groov offers a flexible SaaS model that prioritises customer-centric designs. The company’s approach includes a gateway solution with access to various lenders, allowing SMEs to benefit from a wider range of financial products while ensuring optimal terms and acceptance rates.
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