Growth Street raises £7.5m in funding
London fintech company, Growth Street, has raised £7.5m in a scale-up investment funding round.
The company provides loans to small and medium sized businesses in the UK, filling a gap in SME lending left by the big banks in the wake of the 2008 financial crisis.
The fund raising was led by the Merian Chrysalis Investment Company Limited (Merian Chrysalis).
Asset manager Merian Global Investors joined forces with leading individual investors including Rob Rankin, former co-Head of Corporate Banking & Securities at Deutsche Bank, and Peter Brodnicki, CEO of the Mortgage Advice Bureau, in backing Growth Street.
The latest cash raising will help the company expand access to its services and funds and continue its ambitions to be a disruptor in the fast changing lending market.
“New regulations and technologies are driving rapid change within business lending. In a short period, we have proven that ambitious businesses can thrive with GrowthLine,” said Growth Street co-founder and CEO Greg Carter.
“We are now working to expand access to GrowthLine and strike new relationships throughout the financial services ecosystem.
“I’m delighted Merian and leading investors share our view that business owners deserve better.”