Revenue-based finance provider 365 Finance has secured a £150m debt facility with Pollen Street Capital.
The facility will support over £300m in annual originations, building on the 50% annual growth-rate that the FinTech has been experiencing since 2020.
It also incorporates a euro line to support Irish SMEs.
The London-based firm is a direct financial provider, offering a merchant cash advance product to small and medium sized businesses across the United Kingdom that are looking for unsecured business funding from £10,000 to £500,000.
It has originated over £500m to SMEs since 2014, and can advance up to £500,000 to businesses less than 24 hours from application.
“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, 365 Finance CEO.
“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.”
Michael Katramados, partner at Pollen Street, added: “We are pleased to build on our strong relationship with 365 which started in 2018, increasing our facility to support their growth.
“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.”
365 Finance recently received a King’s Award for Enterprise for Innovation in 2024, in recognition of the company’s AI-powered platform.
The firm says that, with the increase in funding, it is well placed to reach more customers in the coming years.