International legal practice Osborne Clarke has advised SellersFunding, a New York headquartered FinTech, on a USD$75m receivables financing facility to refinance existing facilities and fund further growth of the company’s business in the UK, wider Europe and Canada.
A provider of a turn-key integrated financial services solution for sellers on Amazon, Shopify, Magento and other marketplace and e-commerce platforms, SellersFunding has grown rapidly in the last 12 months in line with unprecedented growth in e-commerce sales this year and their expansion comes at a time of increasingly high demand for cross border e-commerce. The lender is providing a receivables financing facility of up to USD$75m to support the company’s global expansion.
This is the second such instruction Osborne Clarke has had from SellersFunding this year, having previously advised them on an initial $19m financing in February 2020. The transaction combined Osborne Clarke’s strengths in transactional finance and asset-based lending and financial regulatory expertise in the FinTech space and is one of a number of high-profile asset-based and specialty finance facilities the team has advised on over the course of this year.
A team led by Partner James Tarleton and assisted by Partner Michael Lewis (Financial Regulatory) and Senior Associate Laura Hanley (Banking), advised SellersFunding on all English law aspects of the financing.