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27th January 2023
Channel closes mezzanine funding facility for European fintech TP24
Channel Capital Advisors LLP (Channel) has closed a mezzanine funding facility with TP24, a leading European FinTech lending platform.
Channel is an FCA-regulated alternative investment fund manager(AIFM) specialising in FinTech, working capital and trade finance investments. Since 2014, the London-headquartered company has deployed more than $9bn of assets across fintech lending and working capital financing, including trade receivables, inventory, and supply chain finance.The mezzanine funding will enable TP24 to free up equity capital to fuel their business growth and drive their global expansion plans.
Headquartered in Zurich, TP24 is a data-driven business lender providing working capital facilities to SMEs seeking a reliable financing solution.
Paul Wilson, Channel's Chief Investment Officer, said:
“We’re delighted to support TP24’s ambitious growth plans through the delivery of strategic financing. The mezzanine facility will enable TP24 to free up the capital required to fund their business expansion and expand internationally.
This transaction is an excellent example of how Channel’s funds can add value to our partners’ growth plans, while also delivering exceptional returns for our investors. Our shared passion for the disruption of traditional lending models and our mutual drive for innovation has provided a natural synergy between Channel and TP24–we’re looking forward to building a successful partnership.”
Matthias Kribbel, Co-Founder & Managing Director at TP24, said:
“The mezzanine tranche is an important step for our European business, enabling us to further grow our book of SME credit facilities.
Our receivables-backed financing solution not only provides mid-sized businesses with much needed liquidity, it also enables them to become more independent from banks. At the same time, our significantly over-collateralized security structure and a unique insurance wrapper provide our debt investors with a much-increased level of security compared to many alternative lenders in the market.”
Rates on senior lending facilities are adjusting to the economic climate. As such, Channel’s mezzanine funding is crucial in supporting the growth of SMEs lenders across Europe and North America. Following the recent launch of its $300m Specialist FinTech Lending Strategy, Channel is focused on deploying more mezzanine investments to the sector. The TP24 example is the latest in a growing series of transactions, as raising new equity capital remains a significant challenge for FinTech lenders.
Channel has managed over $20bn of credit assets, including loans, working capital facilities, and securities over the past 15 years.