Invoice financing solution Accelerated Payments has reportedly finalised a €20m debt line, which will more than double its lending capabilities.
The capital was supplied by Chanel Equity Partners, a technology-focused debt and equity investor, according to a report from UKTN.
With this fresh funds, Accelerated Payments plans to provide more businesses with invoice financing, as well as help the FinTech grow across Europe. Accelerated also plans to provide additional funding to startups in Ireland and the UK, which are still struggling due to the Covid-19 pandemic.
Chanel plans to increase the debt line to €50m over the course of the next year to further help companies using the Accelerated Payments platform, the article said.
Accelerated Payments enables companies to get earlier access to money locked behind invoices. It works by Accelerated providing the supplier instant payment for selected invoices, enabling the debtor to pay it when they can.
Accelerated Payments CEO Ian Duffy told UKTN, “Our partnership with Channel allows us to significantly increase our receivables financing programme and provide a more flexible and broader funding base for our SME clients.
“This recent financing comes at a time when we are expanding rapidly and extending our global reach, while also dealing with the unforeseen challenges caused by Covid-19. This is a mutually beneficial partnership that will enable us to strengthen and grow our position and capabilities.”
Copyright © 2020 FinTech Global