Fundsquire reaches $110 million in SME lending
Fundsquire, a global fintech and alternative lender, has today announced they have reached an SME lending milestone, delivering over A$110 million in funding to Australian, UK and Canadian SMEs and startups.
“This is a landmark achievement for Fundsquire, and it’s proof that our tech-enabled, relationship-driven business adds value to early stage founders and companies”, said Damien Petty, Founder and CEO at Fundsquire.
While Fundsquire continues to focus on R&D financing, its new products, including Grant Advance funding & Revenue Based Financing, have seen stellar growth. Fundsquire has now funded over 250 businesses across their operating countries through its multi-product portfolio.
“Grant Advance is a completely new funding solution in Australia, and we’re one of only a handful of companies to do it in Canada and the UK”, said Damien. “We offer companies up to 90% of their future grant payments up front, and we’re seeing founders and CEOs jump at the opportunity to fund their grant projects without impacting their operating cash flow.”
Fundsquire clients are already seeing the value a long term partnership with a multi-product capital lender can provide as they grow. Tim Demetriou, CEO of the Australia-based Pencil said, “Fundsquire was a great way for us to continue funding ourselves and a super easy process away from slower, clunkier banks and lenders. We have had a great experience with the guys at Fundsquire and have just applied for their new product which supports fast growth recurring revenue businesses with marketing costs.”
For Damien, the combination of new products and technology has Fundsquire primed for scale in 2022/23. Fundsquire continues to build its core technology, partnering with Railz and Xero, and will soon roll out a new version of its customer platform.
“Our technology allows us to scale multiple products, regardless of geographic region, and really put the power into our clients’ hands”, said Damien. “As one of the few global fintechs with a multi-product funding offer, we can truly fulfill our goal of being long-term partners for innovative businesses rather than a short-term lender only.”