Comprising an initial £3 million credit line from ESF and an equity investment of £1.6 million, with further potential for additional equity and debt funding, the deal signals the launch of Satago’s unique financing solution, which gives SMEs the tools to manage credit control like major corporations for the first time – a market issue regularly overlooked by banks.
Commenting on Satago’s new solution, Steven Renwick, CEO, Satago, says, “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.”
Indeed, with more than 1000 SMEs already signed up to Satago’s platform, the firm can currently finance up to £50,000 per client (including invoices as small as £500) and is predicting strong growth in the year ahead.
Commenting on the firm’s innovative approach to supporting SMEs, Renwick adds, “Satago is 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”.
Following Moorgate outreach, the news was covered by both specialist and regional press including; TechCityNews, Angel Newsletter, Start Your Business, Finance Digest, Startups.co.uk, Crowdfund Insider, Let’s Talk Payments, Global Trade Review, Global Banking and Finance Review, Finextra, PYMNTS, The Paypers, FinSMEs, Dundee Courier, Scottish Financial News and AltFi.