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UK-based digital lender Selina Finance raises £42 mn funding

Selina Finance funding
The funding includes £12 mn in equity and £30 mn in debt lines

UK-based digital lender Selina Finance has secured around  £42 million in its Series A funding round, the media reported.

The funding includes £12 million in equity and £30 million in debt lines.

Selina Finance provides loans to small and medium businesses in the form of flexible credit facilities. SMEs in the UK can borrow up to £1 million with an interest rate starting at 4.95 percent APR.

The company says it plans to raise significantly more debt in the coming months as its business expands.

Investors that participated in the funding round for Selina Finance include Picus Capital, Global Founders Capital, and others.

According to the startup, the funding will help to grow its business in the UK and also start the process of launching in other European markets.

Co-founders Leonard Benning told the media, “We’re bringing a completely new product to the lending market which, unlike a conventional loan, offers customers real flexibility. Our customers can save time and money by only drawing down and repaying when they need to without the need to re-apply, plus the product is feeless and transparent which is what customers have come to expect in the 21st century.”

Founded in 2019 by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance works with more than 200 commercial finance and mortgage distribution partners across the UK and is planning to offer its product to UK consumers later in 2020.

Co-founder Andrea Olivari added: “This Series A funding is a significant milestone in Selina Finance’s mission to offer homeowners flexible and affordable credit. Despite the uncertainty and disruption caused by COVID-19, our investors have demonstrated their belief in our unique proposition and the team we have built to bring our vision to the UK market.”

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