It’s time for international expansion. A Zurich-based fintech collected a record of 120 million francs in investor funds.
Fintech Tradeplus24 (TP24), which was launched in 2016, has completed another round of financing. The company collected a record of 120 million Swiss francs in debt and equity, as in a statement. TP24 offers loans to SMEs, which uses their debtors. This is cheaper for the borrower.
TP24 had strong partners prior to this so-called Series A financing round, namely Credit Suisse (CS) and the insurance broker Kessler. Now SIX with its Fintech Ventures Fund is new, as well as the Berliner Volksbank.
CS uses the solution in the SME business
CS raised money through a venture company, as well as some well-known angel investors. The CS, which TP24 has also been offering to its SME clients for some time, also increased its credit line; as well as the private investment company Ruvercap.
According to TP24 CEO Ben James, the fresh capital is being used to provide more intensive support for the Swiss market and also for international expansion.
Also published on Medium.