SME Finance, a fintech reinventing growth financing for small- and medium-sized enterprises, has agreed to a new €100 million credit line from the UK’s Fasanara Capital. The new funds bring the total commitments from Fasanara to €240 million, SME Finance informed AIN.Capital.
- Founded by Mindaugas Mikalajunas, SME Finance is a fintech marketplace where SMEs can several financing options including traditional business loans, revenue-based financing, embedded finance solutions. By deploying AI, open banking, and automation in its loan decision-making, financing, and customer onboarding, SME Finance shortens and simplifies the entire process.
- The startup has already provided more than €1.3 billion in working capital to over 2,600 growing businesses across Europe. SME Finance’s team consists of over 150 banking and technology professionals with offices in three Baltic countries plus Finland.
- London-based Fasanara Capital is an independent, owner-managed alternative asset management company authorized and regulated by the Financial Conduct Authority. In 2022, it co-led €31.7 million pre-seed round for the Germany-based digital finance platform Tapline.
- SME Finance will spend the additional credit capability to establish an EU-wide fintech marketplace where any business can access services ranging from traditional business loans to revenue-based financing to embedded finance solutions in 2023. The startup also plans to expand its presence into The Netherlands and Spain.
- About SME Finance, its plans, investments, and business strategy you can read in our permanent column Startup of the Day: