TradeRiver (UK) Ltd (“TradeRiver”) is delighted to announce a €27m structured debt facility from Varengold Bank AG (“Varengold”), the Hamburg based bank that specialises in funding Fintech businesses. The new funding facility, which was raised with debt advice from Altenburg Advisory LLP, will support the growth of TradeRiver and the provision of vital working capital funding to growing businesses.
Commenting on the new debt facilities, Richard Fossett, CEO of TradeRiver said: “We are delighted to announce that Varengold are our new primary debt funder. We are proud that Varengold have chosen to invest in our funding model and we are looking forward to working with them to provide flexible funding to help companies fund purchases of goods and services and grow. The new funding will allow us to support more customers, increasing trade and overall economic growth prospects.”
William Senbanjo, Partner at Altenburg Advisory, said: “It has been a pleasure working with Varengold and TradeRiver on this transaction. The new facilities will enable TradeRiver to provide much needed capital to allow businesses to realise their potential and the TradeRiver proprietary online platform provides an easy to use and scalable way for growing businesses to access that funding.”
Varengold, added: “We are continuing to grow our portfolio of Fintech businesses
that we support across Europe and we are excited to be partnering with TradeRiver to support the funding requirements of successful businesses. Both Varengold and TradeRiver are committed to helping businesses to grow and we are thrilled to be working together to achieve that aim.”
About TradeRiver (UK) Ltd
Based in London, TradeRiver is a non-bank online funding solution which finances trade, both cross-border and in the UK. The company provides businesses with funding through a convenient online platform. TradeRiver was established in 2011 and has provided over £340m of funding to date. The TradeRiver facilities help customers to keep their supply chain moving and provides them with revolving credit facilities to allow them to quickly take advantage of growth opportunities.
About Varengold Bank AG
Varengold Bank AG is a German bank founded in 1995 and in possession of a full banking licence since 2013. In addition to its head office in Hamburg, the bank has branches in London and Sofia. The key business areas are Marketplace Banking and Transaction Banking (Commercial Banking). In Marketplace Banking, the focus is on cooperation with European fintechs, and in particular credit platforms. Varengold Bank’s service portfolio includes Funding, Debt and Equity Capital Markets products, Fronting Services (BaaS) for products subject to banking licence requirements and International Payment Services. Varengold Bank is registered with the Federal Financial Supervisory
Authority (BaFin) under 109 520 and the Varengold share (ISIN: DE0005479307) has been listed on the Open Market of the Frankfurt Stock Exchange since 2007. Further information can be found at https:// www.varengold.de/.
About Altenburg Advisory LLP
ACP Altenburg Advisory (“Altenburg”) is a specialist debt advisory firm that works with established businesses seeking debt financing to help them achieve their strategic objectives. Altenburg advises on structuring and arranging bespoke financing solutions, with a focus on funding speciality finance, cash flow, real estate funding.