Credit control platform Satago closes £4.6m investment
Funding will allow finance and cash-flow start-up to launch universally after a six-month pilot phase
Satago, a cash flow finance solution for small businesses, has completed a £4.6m funding round led by ESF Capital.
Founded in 2012, Satago’s technology connects with a company’s software to help them chase late payments and improve their cashflow, and intends to help businesses assess and improve their financial health and evaluate credit risk.
The start-up claims that 1,000 small businesses have signed up to the platform to date and says it is able to finance up to £50,000 per client – from £500.
The funding, which comprises of an initial £3m credit line and an equity investment of £1.6m, will facilitate the launch of Satago’s credit control platform – which has been in pilot since January this year.
Steven Renwick, CEO and founder of Satago, commented: “Late payments are a perennial issue for small businesses, damaging their finances as a result. But with this support from ESF Capital, Satago has the firepower needed to finally put small businesses in full control.”
John Mould, CEO of ESF Capital, added:
“Alternative finance is a rapidly growing sector, and Satago – boasting both the necessary technology and specialist expertise – will quickly become a key player in the sector’s progression.”