Swiss-based TP24 raises €397.7M to lend to SMEs in the Netherlands, the UK, Australia

Zurich-based TP24, a B2B asset-backed lender that provides working capital facilities to mid-market SMEs, announced on Wednesday that it has secured £345M (approximately €397.7M) in a fresh round of funding.

According to TP24, the majority of the funds will be utilised to lend to SMEs in the Netherlands and the UK.

Investors in this round

The funding came from UK-based Barclays and M&G Investments. Barclays will contribute up to £200M, while M&G will contribute up to £40M.

In addition to the £200M for the Netherlands and the UK, Barclays has made available up to £105M for TP24 lending in Australia.

Gordon Beck, European Head of Corporate & Sustainable Securitisation at Barclays, says, “Barclays is pleased to support TP24 in its mission to provide innovative lending solutions to SMEs in the Netherlands, the UK and Australia.”

“Innovative SME lending is critical to the prosperity and success of many companies, and TP24’s solutions are tailor-made, affordable and simple. Barclays is proud to partner with TP24, who are leading this innovation globally,” adds Beck.

A revolving credit line with a variable limit

Founded in 2016, TP24 is a fintech startup that provides flexible revolving business finance to medium-sized SMEs based on outstanding invoices without taking over the debtor base. It offers dynamic revolving credits from between €250K to €5M. 

Currently, TP24 is active in the Netherlands, Switzerland, Australia, and the UK. It is privately owned with the main shareholders being Credit Suisse, SIX Group and Berliner Volksbank Ventures.

In the Netherlands, TP24 carries the Stichting MKB Financiering’s Approved MKB Financier quality certification.

TP24 was launched in Switzerland and opened branches in Australia (2019), the UK (2021) and the Netherlands (2022).

Capital utilisation

Niels Turfboer, MD of TP24 in the Netherlands and the UK, says, “The support of renowned parties such as Barclays and M&G confirms the strength of our innovative product and our talented team, and offers us the opportunity to grow further. We can really make a difference for Dutch SMEs”. 

Turfboer claims that the company will make every effort over the next several years to support as many SME entrepreneurs as possible in realising their goals and therefore boosting the Dutch economy.