Satago, an automated accounts receivable software, has received £1.6m in equity investment from ESF Capital, an institutional peer-to-peer accelerator.
As part of the deal, Satago – which claims to serve more than 1000 SMEs – will receive an initial £3m in debt finance.
Steven Renwick, CEO and founder of Satago, said in a statement: “Late payments are a perennial issue for SMEs, damaging their finances as a result. But with this support from ESF Capital, Satago has the firepower needed to finally put SMEs in full control.”
“We’re the only finance company that actually tries to improve clients’ financial health before offering them finance, and we’re excited to now offer these capabilities to a much wider audience,” he added.
John Mould, CEO of ESF Capital, added: “Alternative finance is a rapidly growing sector, and Satago – boasting both the necessary technology and specialist expertise – will quickly become a key player in the sector’s progression. Satago is a clear complement to ESF’s broader business: particularly significant to SMEs seeking a range of finance options and investors looking to diversify their portfolios.”
Aside from the investment from ESF, Satago raised a further £550,000, including follow-on participation from previous investors.