Switzerland-based business financing service Tradeplus24 has completed a CHF120m ($119m) series A round led by Six Fintech Ventures, the strategic investment arm of banking services provider Six, VentureLab revealed on Saturday.
Berliner Volksbank Ventures and Credit Suisse Entrepreneur Capital, venture capital subsidiaries of financial services firms Berliner Volksbank and Credit Suisse, also participated in the round, along with unnamed additional investors.
The round consisted of both debt and equity financing, the latter of which was supplied by Credit Suisse and asset manager and debt provider Ruvercap.
Tradeplus24 offers financing options to small and medium-sized enterprises and mid-market businesses, providing debt financing insured against their debtors, meaning companies do not have to be caught short by delays in domestic or international accounts receivables.
The company was founded in 2016 and has partnered insurance firm AIG and risk manager Kessler & Co for the offering. Credit Suisse already directs its small and medium-sized enterprise clients to the platform.
Investment boutique Oceano One had organised a $101m credit facility for Tradeplus24 in March 2017 alongside an undisclosed amount of funding in a round co-led by private investor Henrik Toggenburger.
Tradeplus24 CEO Ben James said: “Adding Six and Berliner Volksbank to our investor family is a truly great step for TP24, this additional growth capital will allow us to double down on our commitment to the Swiss market and also start our global expansion plan.”
