TP24 has secured additional funding of 400 million Swiss francs from the two established London-based financial institutions Barclays and M&G Investments. Of the total, the major bank has contributed 355 million and the investment house, 45 million. “The overwhelming support from Barclays and M&G,” said CEO Ben James in a VentureLab statement, “reflects their confidence in our unique business model, state-of-the-art technology, and commitment to empowering the entrepreneurial SME ecosystem.”
In addition to its Zurich headquarters, established in 2018, TP24 has maintained an office in Melbourne since 2021. It opened offices in London and Amsterdam in 2022. The multi-currency facility is reportedly being allocated in Australia, the UK and the Netherlands to accelerate growth in these markets, increase net interest margins and create a robust pool of capital SMEs can rely on.
The flagship product CreditLine is a unique asset-based credit solution for B2B SMEs. It enables SMEs to leverage their receivables as collateral using a proprietary securitization methodology. The loan is secured against a floating asset base, monitored daily in a fully automated process via its proprietary system, and backed by a globally unique insurance package. TP24 offers credit lines ranging from 250,000 to 5 million Swiss francs and has processed over 7 billion Swiss francs in volume since its inception, according to the company. ce/mm