According to fintech global, TradeBridge, a business lender, has received a credit facility of up to £100m from Castlelake, a global investment manager.
This new funding, combined with current senior banking facilities, will strengthen TradeBridge’s position in the revenue-based finance market. It will also aid the FinTech firm’s expansion in the UK healthcare industry.
TradeBridge, which was founded in 2013, provides revenue-based finance to National Health Service pharmacies and dental practices in the UK. To who seeking to improve their capital position. E-commerce and corporate are also allowed.
Over 50 countries are supported by the business, which has distributed more than $3 billion in working capital. Its funds-out have also increased by 97% year on year, according to its website.
TradeBridge uses real-time trading data and other business information. To gain a better grasp of a company’s strength to provide the best loan options.
“We look forward to leveraging our experience in revenue finance to support TradeBridge’s origination growth goals,” said Castlelake deputy co-chief investment officer Isaiah Toback.
“We also believe that our collaboration will help provide an innovative solution to critical healthcare providers while also delivering value to our investors.”
Since 2015, Castlelake has raised more than $4 billion in specialised finance investments.
Castlelake recently provided a $200 million credit facility to Marco. A tech-enabled trade financing tool for SMEs in Latin America and the United States.
According to Marco, its technology-powered risk solutions outperform conventional financing methods. Allowing SMEs to receive a decision in days rather than weeks.
In other lending developments, Sora Finance has raised $3.9 million in funding to assist advisors in locating the best deals on new or existing home, car, and student loans. The business recently released its most recent solution, buy now refi later for free.