Manchester-based FinTech startup DueCourse raises £1.25m
DueCourse, a cloud-based invoice financing service for SMEs, has received £1.25m in angel funding.
The total investment includes £1.25m equity funding, and an additional £5m of debt finance for lending to UK SMEs.
Based in Manchester, the firm’s new backers include the founders and investors of Zoopla, LoveFilm, TransferWise and LinkedIn.
DueCourse’s free software launched in 2015, and is aimed at small businesses who regularly invoice clients. Linking to a company’s online accounting platform, it uses it’s propriety risk engine to assess and unlock cash tied up in unpaid invoices.
Paul Haydock, CEO and co-founder of DueCourse, commented: “We saw the opportunity for a company to disrupt the market and help SMEs get access to the cash they need to fuel their business, in real time.
“This extended Angel round of investment was actually oversubscribed, which highlights just how much interest there is among investors around our scalable, data-led technology and its application around the world. The funding is a great boost for the company and will help us go from strength to strength as we continue to expand and improve our software.”
The firm says it is planning to raise a further Series A round of £10-15m over the next 10 months to expand its service around the world.