Deals
UBS-Backed Startup TP24 Raises £345 Million from Barclays, M&G
- Debt funding to boost lending to SMEs in UK, the Netherlands
- Barclays is also providing funds for TP24 lending in Australia
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TP24, a financial technology firm whose backers include UBS Group AG, has raised £345 million ($449 million) in debt funding from Barclays Plc and asset manager M&G Plc to boost lending to small-and-medium sized enterprises in the UK, the Netherlands and Australia.
Barclays agreed to provide as much as £200 million in so-called warehouse financing, while M&G is offering as much as £40 million in mezzanine funding, according to a statement on Wednesday. This £240 million funding will be deployed for lending in the UK and the Netherlands. For lending in Australia, Barclays will provide as much as £105 million.