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Merian Chrysalis Invests GBP5 Million In UK Fintech Firm Growth Street

LONDON (Alliance News) - Merian Chrysalis Investment Co Ltd on Wednesday said it has participated ...

Alliance News 23 January, 2019 | 2:29PM
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LONDON (Alliance News) - Merian Chrysalis Investment Co Ltd on Wednesday said it has participated in Growth Street's GBP7.5 million funding round.

The company said it has invested GBP5 million in Growth Streets, which has developed an innovative peer-to-peer product specifically targeted at UK small and medium-sized enterprises.

Growth Streets' GrowthLine is a flexible revolving line of credit, designed to replace and extend bank overdrafts and invoice financing. In any given month, businesses can draw down funds and make repayments as often as they like within their limits.

Facility limits range from GBP25,000 to GBP2 million, based on certain requirements, and small and medium-sized enterprises can secure funding against all assets at competitive rates.

Growth Street has facilitated more than GBP80 million of borrowing and has attracted more than 2,000 lenders onto its platform since launching in 2014.

"Growth Street has built a differentiated product that provides flexible funds to small and medium-sized enterprises, filling the vacuum created by the retrenchment of high-street banks in this space," said Manager Richard Watts.

Merian Chrysalis Investment shares were trading 0.5% lower on Wednesday at 102.97 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Merian Chrysalis Investment Company Ord 120.00 GBX 0.00 -

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