Small business invoice finance service DueCourse clinches £6.25m
Named by Startups.co.uk as one of the top start-ups to watch this year, Manchester-based DueCourse is now set for further expansion
Manchester’s cloud-based invoice financing service DueCourse, one of the up-and-coming start-ups to watch this year, has closed a £6.25m funding round from high-profile backers including the investors of LOVEFiLM, Zoopla, Transferwise and LinkedIn.
The deal is said to mark the largest investment in a financial technology (fintech) start-up outside of London.
Launched last year by Jon Grove, Tim Borden and MyParcelDelivery co-founder Paul Haydock, DueCourse allows business owners to access up to 90% of the funds in their unpaid invoices.
The business owner is charged a daily fee for as long as they have the advance, which is repaid with the advance when the customer pays them.
Expansion is now on the cards for DueCourse, which previously told Startups.co.uk that it was set to achieve £3m worth of transactions in 2016, with a £10m to £15m Series A round planned for the next 10 months.
Haydock commented: “This extended angel round of investment was actually oversubscribed, which highlights just how much interest there is among investors around our scalable, data-led technology and its application around the world.
“The funding is a great boost for the company and will help us go from strength to strength as we continue to expand and improve our software.”