London-based Upstream, a startup specialising in mobile marketing, announced on Monday that it has secured €14M in a five-year loan agreement from the National Bank of Greece.
The company says it will use the funds to accelerate expansion and technological development in mobile marketing.
Upstream will also deploy the funds to partly repay a loan from EIB (European Investment Bank), which it took in 2017 as the business grew and developed its commercial portfolio.
Besides partial refinancing, the UK company says it has also secured an extension on the loan’s maturity, amounting to €11M.
Vassilis Karamouzis, General Manager of Corporate and Investment Banking at the National Bank of Greece, says, “The Greek technology ecosystem is full of ideas and innovation, and with the right support, can breathe new life into the country’s economy. Upstream is a great example of native, exportable, and sustainable growth in the technology sector, being a company at the forefront of a global industry. The National Bank of Greece is proud to -through our special Structured Financing unit – support bold and innovative Greek businesses that are frontrunners in cutting-edge sectors.”
Upstream: What you need to know
Led by Dimitris Maniatis, Upstream is a martech company that helps businesses grow their digital reach and provides toolkits to optimise user experience, increase engagement, attract new customers, and boost revenues.
The company’s mobile marketing automation platform combines marketing automation and data, security from online advertising fraud, and multi-channel digital communication to create personalised end-consumer experiences.
Upstream claims to have done more than 4,000 successful mobile marketing campaigns.
Upstream says its solutions address over 1B consumers in more than 30 countries in Latin America, Africa, the Middle East, and Southeast Asia.
“During the past years, we have worked methodically and decisively during a pandemic and global crisis to transform our company and remain firmly at the forefront of innovation. Over the last period, we have invested both in new technologies and our people. We have emphasised healthy growth, profitability, and responsible management,” says Dimitris Maniatis, CEO of Upstream.
He adds, “It is a fantastic vote of confidence for Upstream and the Greek technology sector to have the support of the National Bank of Greece. I consider the backing from NBG to be an excellent omen for Greek entrepreneurship and the promotion of our country as one of the most attractive investment environments and a technology hub.”
“The success of the refinancing of our loan, with improved terms from a Greek banking institution and the continuation of the trust from the EIB, confirm we are on the right growth trajectory and strengthens our company’s position for the future,” says Giorgos Serfiotis, CFO of Upstream.
“I want to thank the executives of the National Bank for their exemplary cooperation and the Upstream team that supported the financing project,” he adds.
Argyro Banila, Head of Structured Financing at National Bank, says, “The National Bank of Greece continues to support productive Greek companies, especially those with increased export activity in technology, such as Upstream. These businesses are contributing to the creation of an even more favourable environment for development and attracting increased investments that will add value to the Greek economy.”