TradeRiver Finance reaches milestone of lending £100m to UK Business
TradeRiver Finance has reached a significant milestone in its short corporate history: £100 million of lending to high growth SME businesses in the UK. This highlights the growth and expansion opportunities for start-ups and small businesses here in the UK.
TradeRiver Finance has:
- provided trade credit for 1,600 separate transactions to 76 UK companies.
- funded goods or services with over 185 of their customers’ suppliers in 26 countries around the world.
- lent £100 million to high growth UK businesses.
Through an online funding platform, they are able to provide their customers with a revolving unsecured trade credit facility, meeting their needs in terms of growth or pinch point finance. They have built a diverse customer-base in UK, who have benefited from the flexibility provided by the facility.
Richard Fossett, TradeRiver Finance CEO says, “I'm delighted that we have now lent over £100 million to high growth businesses in the UK. In our short life we have funded over 1,600 transactions, many of which were purchases from suppliers overseas. We are pleased to have played even a small role in our customers' success. We enjoy watching them grow and being part of that growth. We remain committed to playing an even greater role in supporting British business growth.”
Following the recent Brexit decision, many UK businesses face increasing erosion in their margins due to the cost of goods coming in. As one of the early entrants into the UK alternative lending space, TradeRiver Finance stands out from its competition through the provision of cross-border trade credit finance. As a global lender, TradeRiver Finance is able to offer companies additional short-term finance to overcome their challenges around currency risk.
"Fossett says, “I set up this company to help support businesses, as I felt there was a real gap in funding to fill after the financial crisis of 2007. We have made doing business with suppliers overseas both simpler and faster. Following the vote for Brexit, alternative finance providers like us will have an even greater role to play in supporting British business growth.”
TradeRiver Finance aims to double the size of their UK market in the next 12 – 18 months. TradeRiver Finance USA was established in 2014 and is experiencing rapid growth. The company has plans to diversify into other European markets in the next 12 months.
TradeRiver Finance operates in both the UK and USA.www.traderiverfinance.com