SME fintech Tradeplus24 has announced a $25m equity round and a $200m debt facility that should see them move to the next level as a business.
Tradeplus24 are backed by Credit Suisse and were oversubscribed in their funding round, with the capital raised now ear-marked for new hires and buying a proprietary tech setup.
“The use of funds is predominantly supporting growth,” said Adam Lane, Managing Director at Tradeplus24. “That manifests through marketing dollars and growing the team: we’ve doubled the size of the Australian team this calendar year and now have offices in Melbourne, Brisbane and Sydney, which is pretty exciting. Further growth of the team is anticipated.”
“The other thing that we’re hoping to do with the funds is to make an acquisition to help bolster the tech that we use. Some of the tech that we use is vendor driven, and we anticipate that we’ll make an acquisition this calendar year that will see us build out the tech credentials and become a bona fide fintech with completely proprietary technology.”
“It’s important for us as we get more and more sophisticated in the likes of risk and fraud management, and in delivering a great user experience for both our broker introducers and the end SMEs themselves.”
The next year should be huge for Tradeplus24 in the next year.
“We meet brokers every day that haven’t heard about us and we take pleasure in helping them understand what we’re about. What brokers can expect – today, tomorrow and forever – from TradePlus24 is a business that focuses on delivering value for SMEs.”
“We see too much complexity and expensive structures from some businesses that use invoices as the main collateral source. What brokers can expect from us is simplicity and excellence in service, both to the broker and also to the customer.”
“We’ve got simple pricing, we don’t have separate bank account requirements for customers and ultimately we come from a position of oversight rather than intervention in the cash flow of the business.”
