International legal practice Osborne Clarke has advised leading global embedded business finance provider Liberis on a £70m debt financing from British Business Investments, Paragon Bank, BCI Finance and Silicon Valley Bank (“SVB”). The financing package was a combination of warehouse facilities provided by all of those lenders in support of the existing Liberis receivables book, together with a venture debt facility provided by SVB alone. It brings the total funding raised by Liberis to £200m, which includes more than £50m in equity funding.
The UK-based FinTech plans to use the new funds to grow the company, expand product lines and further support its SME client base. Since it was founded in 2007, Liberis has provided more than £500m in financing to 16,000 SMEs across the UK, Europe and the US.
Tom Bason, Finance Director at Liberis, said: “Tom and his team at Osborne Clarke have been a great support to us as always in helping us implement this new financing package, which sets the business up for further growth in 2021 and beyond.”
Having worked with Liberis for a number of years, Osborne Clarke’s banking and finance Partner Tom Bussy, commented on the matter: “We’re pleased to have supported Liberis again, their approach is truly innovative and as their business expands, it will be great news for SMEs both in the UK and further afield.”
Osborne Clarke most recently advised the FinTech on its accreditation on the Government’s Coronavirus Business Interruption Loan Scheme (CBILS). In addition to lead Partner Tom Bussy, Nikki Worden (financial regulation Partner) and Joe Roberts (banking and finance Associate) as advised on the financing matter.
Osborne Clarke is an international market leader in digital transformation and FinTech and is ranked highly in Chambers Fintech in markets including Germany, Netherlands, Singapore and UK.