GlobalData
2 min read
Revenue-based lender 365 Finance has observed an “unprecedented” surge in demand for small and medium-sized enterprise (SME) funding from e-commerce businesses in north-west England.
According to the UK-based company, the development underscores the region's expanding digital economy and the influence of investments in tech hubs.
The median advance for online businesses in the region has risen by 483% year-on-year, reaching £175,000 ($240,884).
The region has also experienced an increase in the number of funding applications from e-commerce business owners.
365 Finance said the average monthly card sales for companies funded by it in the sector now stand at £110,000, surpassing other sectors.
The group recently appointed Jagriti Singh as its new head of credit.
Formerly the head of risk analytics strategy at Virgin Money, she has experience in overseeing change programmes, including data aggregation and reporting transformation, and driving automation to support compliance.
Commenting on the development, Singh said: “The most rewarding thing for us as a responsible lender is to be able to truly facilitate the growth of SMEs across the country, and to support those businesses which are both entrepreneurial and reinventing themselves.
“The north west’s digital sector is currently experiencing unprecedented growth, with our data showing remarkable expansion in funding scale and frequency. The statistics show a real shift in the region’s digital economy.”
In February, 365 Finance secured a £150m debt facility with Pollen Street Capital, enabling the company to support more than £300m in annual loan originations.
The facility included an Euro-denominated line to expand lending to Irish SMEs, furthering the company's reach.
"E-commerce SME funding surge in north-west England – 365 Finance " was originally created and published by Leasing Life, a GlobalData owned brand.
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