Liberis secures £89m on mission to close global SME funding gap
London-based fintech Liberis has secured $112m (£89m) from HSBC Innovation Banking and BCI Capital, furthering its mission of closing the global small business funding gap.
The financing will help the small business-focused finance firm to further its growth across Europe and North America, providing businesses with more flexible finance options.
Liberis chief executive, Rob Straathof, said: “The joint debt facility from HSBC Innovation Banking and BCI Capital allows Liberis to serve thousands more business owners with fair and frictionless funding through our partners using our embedded finance platform.”
SMEs make up 90 per cent of businesses worldwide, according to the World Trade Organization, and the global funding gap includes $5.2tn (£4.1tn) in unmet needs each year.
Traditional banks often consider SMEs to be “high-risk borrowers,” Liberis chief product officer Nima Montazeri said, which is reflected in the challenges of securing finance that many small businesses face.
The firm has been a long-time advocate for AI and machine learning analytics, which in turn provides tailored finance solutions for SMEs.
“By deploying advanced AI and ML algorithms and leveraging a large data pool built over more than a decade in the business, Liberis is able to offer SMEs innovative and highly personalised products that meet their needs for sustainable growth, no matter where in the world they’re based,” he said.
The total funding secured for Liberis sits over $700m (£556m) to date.