City heavyweights launch new finance provider for small business

‘Liquid Finance’ funding model promises cash in the bank within 10 days

City heavyweights launch new finance provider for small business

‘Liquid Finance’ funding model promises cash in the bank within 10 days

A duo of senior City figures today announced the launch of a new short-term finance service for small business, which claims to allow small firms access to funds within 10 days of an application.

Founded by financial services veterans Richard Morley and Ian Morrison, Liquid Finance is targeted at firms which take credit or debit cards as payment and offers them short-term unsecured cash advances.

In return, Liquid Finance will take a percentage of daily card transactions after the payment is due, typically 18-25%.

The firm said a company taking out say a £10,000 payment would expect to pay back around £13,000, with this rate varying depending on the volume of transactions concluded during the period.

Liquid Finance said the entire process from application to having funds in the bank will take less than 10 days.

The service, which is launched as a sister company of FCA regulated e-money issuer iCheque, is targeted at small and medium-sized firms needing quick finance to fulfil orders and grow their organisation.

It is designed to complement, rather than replace, traditional bank loans and other long-term funding options.

Founders Morley and Morrison have a combined 30 years’ experience in financial services, most recently co-founding factoring company Merchant Cash Express Limited.

Richard Morley will be responsible for sales and marketing whilst Ian Morrison will lead international business development. Amongst other board appointments, Julio Vildosola will join as CEO and founder and director of Liquid Finance sister company iCheque Justin Lunny will join the board.

Richard Morley said in a statement: “Liquid Finance has launched to deliver fast & credible funding to UK businesses. We are passionate about UK commerce and believe UK SMEs [small and medium-sized enterprises] are key to the success of our economy.

“Being able to secure short term funding is essential for most companies, whether this facilitates a refurbishment or the purchase of additional stock.

“Our team’s industry expertise, coupled with the credibility of our sister company being regulated by the FCA, means Liquid Finance can provide a complementary funding option to the traditional bank loan.”

Comments

(will not be published)