DueCource pockets £6.25m to let businesses loan on invoices

UK-based invoice financing company DueCourse has raised £6.25m ($8.1m) in new funding.

The financing comes from German e-commerce-giant Rocket Internet’s venture arm Global Founders Capital.

Prominent UK tech figures including LoveFilm’s co-founder Simon Franks and Zoopla CEO Alex Chesterman also participated.

The round is split between £1.25m in equity and £5m in debt.

Manchester-based DueCourse allows small businesses to take out loans against unpaid invoices.

The company’s software connects to cloud-based accounting platforms, such as Xero, to generate risk scores and understand if businesses are eligible for loans against invoices and the cost to access the financing.

DueCourse CEO and co-founder Paul Haydock said, “We want to be seen as a new kind of cash flow utility – once a business has linked their accounting package for free, DueCourse is simply there in the background for them to access the money in their unpaid invoices whenever they need it.”

The company says this round was oversubscribed and it plans to raise a Series A of between £10m and £15m in the next 10 months to fuel global expansion.

Copyright © 2016 FINTECH GLOBAL

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