Channel Capital Advisors LLP (Channel) and Citi have provided a new credit facility of up to €230m for Silvr, a finance provider for entrepreneurs and SMEs in Europe.
Founded in 2020, Silvr’s mission is to make financing more accessible to SMEs. The company has rapidly become a European leader in short-term lending due to its technology and data processing tools.
The new credit facility, which comes a year after Silvr raised its first debt facility for €100m, will be backed by the loans Silvr originates to SMEs. It will increase Paris-headquartered Silvr’s financing capacity, which is instrumental in its gradual expansion into Europe, with the opening of an office in Berlin in November 2022.
Channel is an FCA-regulated alternative investment fund manager (AIFM) specialising in fintech, working capital and trade finance investments. Since 2014, the London-headquartered company has deployed more than $9bn of assets across fintech lending and working capital financing, including trade receivables, inventory, and supply chain finance.
Paul Wilson, chief investment officer at Channel, said: “Given the current economic uncertainty, it is increasingly clear there is a significant need to support the liquidity needs of the alternative lending community. This is where Silvr, an innovative fintech company, plays a key role, with alternative lenders stepping in to fill the funding gap. I am delighted Channel was able to facilitate this transaction, as it plays an integral part of their growth and expansion plans.”
Nima Karimi, co-founder and CEO of Silvr, said: “We are delighted to be able to meet a growing demand for loans, which has increased significantly across Europe, after securing this securitised credit facility from Channel and Citi. By proving more flexible options, tailored to their needs, Silvr is uniquely positioned to make it easier for European SMEs to access the funding they need to grow.”
Benjamin Soussan, chief capital officer of Silvr, added: “We are delighted to conclude this transaction with Channel and Citi, two leading institutional players, as we continue to deploy greater financing to European SMEs on a long-term basis.”