365 Finance secures £150m debt raise with Pollen Street Capital
365 Finance has completed a £150m debt raise with Pollen Street Capital that will allow it to expand its small- and medium-sized enterprise (SME) funding in the year ahead.
365 Finance specialises in providing revenue-based finance to UK and Irish SMEs. The company said that this new facility will support more than £300m in annual originations and builds on 365’s 50 per cent annual growth-rate since 2020.
“Our mission remains clear – to empower as many small businesses as possible by providing flexible, accessible capital through a customer-centric approach,” said Warren Abbey, chief executive of 365 Finance.
“Our growing partnership with Pollen Street enhances our ability to leverage cutting-edge technology and an innovative, highly automated lending platform to deliver on that promise.”
Read more: Pollen Street credit fund to reach £1bn by 2025
London-based 365 Finance has originated more than £500m to SMEs since 2014, and can advance up to £500,000 to businesses within 24 hours of an application being made.
The firm recently expanded in to Ireland, and hinted at further European expansion plans in the near future. The Pollen Street facility incorporates a euro line to support the firm’s non-UK business.
“We are pleased to build on our strong relationship with 365 which started in 2018, increasing our facility to support their growth,” said Michael Katramados, partner, Pollen Street.
“Through this facility our financing will continue to support SMEs across the UK and Ireland, helping businesses access flexible and timely capital that meets their needs.”
Read more: Pollen Street appoints Crispin Goldsmith as chief financial officer
“We are delighted to build on our long-standing relationship with Pollen Street who continue to support the journey of 365 Finance,” added Adam Brown, chief finance officer at 365 Finance CFO.
“We see the deepening and broadening in our funding capabilities positively impacting UK and Ireland SMEs, as they address cashflow needs.”
Read more: 365 Finance expands into Ireland
