The funding comprises a £200m securitisation facility and £105m in junior debt.
"It is largely unprecedented for a start-up to sign such significant credit facilities with institutional partners. That we’ve been able to do so is a powerful endorsement of our business proposition and the brand that Free2 plans to develop."
The pre-seed round was backed by GC Angels to support product development and user acquisition.
"There has always been an element of awkwardness when trying to gather money from friends for expensive group bookings – we wanted to introduce a platform that would remove the burden from individuals and make their lives easier. As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds."
The University of Plymouth spinout secured backing from Frontier IP to speed the development of its rapid pathogen detection systems.
"The COVID-19 outbreak has highlighted possible risks to human health from the environment and governments now want to test for bacterial contamination in water and other materials. However, our technology also allows fast detection of bacterial pathogens in fresh food produce, so our technology could significantly decrease the holding time of fresh food before it is released to supermarkets. This will increase the supply of fresh produce to supermarkets, which is especially critical at times of crisis, and support customer faith in the safety of the products."
AlbionVC led the Series A round with participation from ING Ventures and HSBC.
"Banks and asset managers are demanding technology solutions which deliver automation and increased efficiency, but they also want a modern and flexible modular design"