Growth Street secures £10m from Merian Chrysalis Investment Company and Arts Alliance to expand credit operations.
The round was led by Merian Chrysalis Investment Company and Arts Alliance.
Growth Street offers flexible credit lines for British small and medium enterprises. The company operates an alternative overdraft platform powered by accounting software integration and open banking.
Growth Street has secured £10m in a funding round led by Merian Chrysalis Investment Company and Arts Alliance. The investment brings the company valuation to £47.5m, following a previous £7.5m raise earlier in the year.
The capital will support enhancements to the company credit decision systems, diversification of its debt funding base through institutional investors, and expansion of the sales team into the Midlands and the North of England.
Chief executive Greg Carter noted that traditional banks have reduced overdraft volumes since 2008 while the number of British SMEs has grown, leaving a significant capital gap that the platform aims to address.
From the founder
"There’s no two ways about it – the banks are failing businesses: they have failed to innovate, failed to integrate and, fundamentally, failed to provide SMEs with sufficient capital to grow,"
Greg Carter
CEO and co-founder at Growth Street
Use of funds
- 01Continue product development
- 02Invest in sales and marketing
Investors
Categories
About the company
Growth Street
Growth Street provides flexible credit lines and overdraft alternatives for small and medium enterprises.