Selina Finance, a London-based lending company, has received fresh funding from investors such as Picus Capital and Global Founders Capital. The equity funding is worth £42 million. The company received £12 million in equity and £30 million in debt to distribute as loans.
Andrea Olivari, one of the co-founders of Selina Finance told the media, “Selina today focuses on SMEs whose applications qualify as “prime” (as opposed to sub-prime). They can borrow up to £1 million in funds — the average amount is significantly less, £150,000.”
The company said it will raise more funds in the future and utilise the fresh funding to grow its business across the UK and explore the technology sector.
Founded by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance was established in 2019. The company helps small and medium businesses by providing loan in the form of flexible credit facilities. The solution has no setup, early repayment or valuation fees. Initially, the company targeted at SMBs where business owners get loans once they put their homes as collaterals but now the plans are wider with the new fund raising.
Picus Capital and Global Founders Capital are tied in part with a Germany-based ecommerce incubator Rocket Internet.