UK-Based Liberis Lands $93 Million For SME Financing

U.K.-based Liberis has notched £70 million (approximately $93.5 million) in financing from BCI Europe, Paragon Bank and British Business Investments in addition to financing and venture debt from Silicon Valley Bank (SVB), according to a Tuesday (Dec. 22) press release.

The financing increases the corporate finance platform’s overall funds raised to £200 million (approximately $267 million), with the inclusion of more than £50 million (approximately $67 million) in equity funding, according to a press release.

“With uncertainty in the market, funding can be hard to access from more risk averse institutions. We are thrilled to have extra resources to help our partners support SMEs’ survival through COVID and beyond,” Liberis CEO Rob Straathof said in the announcement.

According to the announcement, the new infusion will be harnessed to offer further client financing solutions, roll out new offerings and markets and power the firm’s expansion.

Liberis, which was started in 2007, says that it has doled out more than £500 million ($668 million) in financing to 16,000 small and medium-sized enterprises (SMEs) across the U.K., Europe and the United States.

Acquirers, software companies and marketplaces are in the international partner network of Liberis. Those partners connect with Liberis to provide tailored “pre-approved revenue-based financing” for as much as £300,000 (approximately $401,000), according to the announcement. Payments are connected to the transactions of a firm. As a result, they can pay for the financing in a more comfortable manner.

“The ability to rapidly access funds is key for SME survival in uncertain times and effective delivery of embedded finance is a much-needed piece of the puzzle,” Jamie Pickering, director, structured lending, Paragon Bank, said in the announcement.

Earlier in 2020, Liberis rolled out a new Coronavirus Business Interruption Loan Scheme (CBILS) loan offering, affording financial support to SMEs throughout Britain that are losing sales and witnessing an interruption in cash flow because of the pandemic.

Fidelity National Information Services (FIS), the Florida FinTech, announced in a January press release that it was teaming with Liberis to provide an alternative funding source to small to medium-sized businesses (SMBs).