London-based SPRK Capital, an online lending platform that helps companies in the innovation sector, announced that it has secured £3.5M (approximately €4M) in a fresh round of funding.
The company says that the round, led by a UK asset manager with an eye on social impact, represents a sizable premium over SPRK’s seed round in October 2021 and attests to the company’s dedication to sustainability.
Lending since 2022, SPRK claims to have grown and also launched its Grant Advance product to help UK SMEs with the timeliness of their grant payments.
The funding comes after SPRK’s previously announced £50M institutional funding facility earlier that year and its designation as the worldwide servicer of the Fundsquire loan portfolio in November 2022, which had been the largest UK lender in this market.