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Tradeplus24 has hired corporate finance consultants from BDO to help the company secure $5 million in growth funding.
Founded in 2016 in Switzerland, Tradeplus24 is a lender for small and medium-sized businesses. The company provides lines of credit between $500,000 and $10 million to businesses that are overlooked by big banks and overpriced by factoring providers.
The company’s main strength is how it structures its deals. While large lenders typically require property as collateral, the Swiss fintech uses receivables as collateral, making its offering more accessible to SMEs.
Since its launch, Tradeplus24 has grown to become the largest non-bank SME lender in Switzerland, financing more than USD 500 million in receivables. After its success in the domestic market, Tradeplus24 received CHF 120 million in support – at the time a record for a Swiss startup – from respected investors such as Credit Suisse, SIXFintech Ventures and Berliner Volksbank Ventures, making it a 20-strong company with a capital injection. last year it expanded its footprint by launching in Austria and Australia.
“We expanded into Australia to address a clear gap in the ability of SMEs to access finance to grow their businesses,” explained Tradeplus24 CEO Ben James, formerly of GE Capital, Cembra Money Bank and Banco Santander.
In Australia, Tradeplus24 is run by Adam Lane and Kelvin Rossely. Lane, a former chief executive of National Australia Bank, said the fintech had helped dozens of customers domestically and had a customer backlog worth tens of millions of dollars.
The company is experiencing high demand as it caters to an underserved segment of the Australian financial market. Large lenders struggle to structure cash flow financing under $5 million without collateral, while other alternative lenders typically limit loan sizes to $250,000.
To support its local growth, Tradeplus24 Australia is now seeking new capital. The firm has hired consultants from BDO Corporate Finance to lead the search and capital raising process, which is expected to conclude at the end of this month. “We expect Tradeplus24 to be joined by institutional investors of a similar caliber to both debt and equity investors,” concluded Lane.
Last month, Australian medical technology company RxMx hired KPMG to support a similar mandate.
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