UK-based embedded finance platform Liberis has secured an additional £140 million in financing from Barclays and BCI Finance.
The refinancing round was led by Barclays and follows on from the bank’s £34 million investment in Liberis in December last year. The total funding raised by Liberis now stands at £350 million, including more than £80 million in equity.
The fintech platform says it will use the new money to scale its operations by offering “fair and increasingly flexible finance solutions to more small businesses”.
Rob Straathof, CEO of Liberis, believes the funding will be “crucial” in supporting small and medium-sized enterprises (SMEs) and to help close the “ever-expanding” funding gap.
Founded in 2007 and based in London, Liberis makes use of machine learning to gain an understanding of customers’ risk profiles and provide them with funding options based on their revenue. It claims to have handed out close to $1 billion to over 21,000 SMEs in the UK, Europe and the US.
Liberis’ global partner network consists of e-commerce platforms including Klarna and acquirers such as Barclaycard, Worldpay from FIS, Clover and Global Payments.