Swiss SME lender Tradeplus24 has secured a $101m credit facility from boutique investment house Oceano One.
Zurich-based Tradeplus24 is parented with AIG and Switzerland’s largest insurance advisor Kessler & Co.
The company aims to provide working capital secured against businesses’ account receivables which are insured by Kessler & Co. This means if companies fail to pay the borrower they will be protected.
Unlike many startups in the space Tradeplus24 opts to provide loans directly to businesses in need of working capital rather than adopting a peer-to-peer model.
It says the new capital will be used fund future loan growth.
Company CEO Ben James commented that the credit facility is “an important milestone in the future of TP24”.
He added: “securing this facility gives surety to existing and future customers that they can rely on us to continue to deliver uncomplicated liquidity.”
Oceano One CEO Marc Clapasson said: “Tradeplus24 has an exceptional business model that is not only secure for its borrowers but also its financing partners, OceanoOne is extremely pleased to be supporting TP24 with this credit facility.”
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