TP24 has secured a financing facility of up to CHF 400m – comprising a senior facility from Barclays Bank of up to CHF 355m and a mezzanine facility from M&G Investments of up to CHF 45m.

TP24 provides receivables financing to SMEs – where those SMEs can get funding from TP24 secured against pending receivables from their customers. SMEs are able to fund up to 80% of their receivables balances – in the form of facilities of CHF 250,000 to CHF 5 million.

This new Barclays/M&G facility will be used for lending to SMEs in Australia, the UK and the Netherlands. Benefits to TP24 are: 1) balance sheet growth, and 2) higher Net Interest Margins (NIMs) as a result of lower funding costs.

TP24 launched in 2016 in Switzerland, in 2021 in Australia, and in 2022 in the UK and the Netherlands.

Fintech SME financing is taking the place of bank offerings in the current high-interest-rate market in which banks have reduced capacity for some types of lending.