TradeRiver (UK) Ltd announces new €27 million credit facility with Varengold Bank AG
TradeRiver (UK) Ltd (“TradeRiver”) is delighted to announce a €27 million structured credit facility with Varengold Bank AG (“Varengold”), the Hamburg-based bank specializing in financing Fintech companies . The new funding facility, which was raised with debt advice from Altenburg Advisory LLP, will support TradeRiver’s growth and provide vital working capital to growing businesses.
Commenting on the new credit facilities, Richard Fossett, CEO of TradeRiver, said: “We are delighted to announce that Varengold is our new lead lender. We are proud that Varengold has chosen to invest in our financing model and look forward to working with them to provide flexible financing to help businesses finance their purchases of goods and services and grow. The new funding will allow us to support more customers, increase trade and prospects for overall economic growth.
William Senbanjo, Partner at Altenburg Advisory, said: “It has been a pleasure to work with Varengold and TradeRiver on this transaction. The new facilities will allow TradeRiver to provide much-needed capital to enable businesses to realize their potential and TradeRiver’s proprietary online platform provides an easy-to-use and scalable way for growing businesses to access this funding.
Varengold, added: “We continue to grow our portfolio of Fintech businesses that we support across Europe and are delighted to partner with TradeRiver to meet the funding needs of successful businesses. Varengold and TradeRiver are both committed to helping businesses grow and we are delighted to work together to achieve this goal.
About TradeRiver (UK) Ltd
Based in London, TradeRiver is a non-bank online finance solution that funds trade, both cross-border and within the UK. The company provides businesses with financing through a convenient online platform. TradeRiver was established in 2011 and has provided over £340m in funding to date. TradeRiver’s facilities help clients keep their supply chain moving and provide them with revolving credit facilities to allow them to quickly take advantage of growth opportunities.
Further information is available at www.traderiver.com.
About Varengold Bank AG
Varengold Bank AG is a German bank founded in 1995 and in possession of a full banking license since 2013. Besides its head office in Hamburg, the bank has branches in London and Sofia. The main 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 financing, debt and equity products, fronting services (BaaS) for products subject to banking license requirements and international payment services. Varengold Bank is registered with the Federal Financial Supervisory Authority (BaFin) under number 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 debt advisory firm that works with established companies seeking debt financing to help them achieve their strategic goals. Altenburg advises on the structuring and organization of bespoke finance solutions, with a focus on specialist finance, cash flow and real estate finance.