£5m cash injection for small business finance provider Platform Black
Invesment will support continued growth of company which has facilitated £120m funding in UK enterprises to date..
Platform Black, a start-up which provides invoice financing, invoice trading, and supply chain finance, has received £5m from parent company GLI Finance in a deal said to position the company for continued growth.
Launched in 2012 with headquarters in Basingstoke, Platform Black is an online finance marketplace which helps UK small and medium-sized businesses access working capital and has provided over £124m in funding to date via its platform.
It also claims to have had a zero default rate for the year ending March 31 2016.
On the investment, Platform Black MD, Caroline Langron, commented:
“This milestone enables us to continue our rapid growth trajectory and compliments our commitment to continuously investing in the platform and our risk-focused team.”
“GLI Finance’s continued support will help us to drive the business forward with increased investment in the platform itself and improving our users’ experience. We’ve bolstered reporting functionalities to deliver funders with an overview of average return rates and real-time default data, and will continue to make enhancements to the platform which deliver real value.”
Andy Whelan, GLI Finance chief executive, added: “We’re delighted to announce our additional investment in Platform Black. The business is one of huge potential, with a clear market positioning and strong management team.”