Alternative lenders Fundsquire have hired former GrantTree Managing Director Rowan Gallagher as their new UK Managing Director.
Founded in 2016 in Australia and expanding to the UK in the same year, Fundsquire have developed their R&D financing product by collaborating with clients and consultants across the world, including PwC, Grant Thornton & GrantTree.
For Rowan, the move to Fundsquire represents a logical step from his previous role; “GrantTree and Fundsquire have a close relationship and together have delivered R&D Tax Credits funding up to 9 months earlier than traditional time frames dictate. Our joint clients have used this service to invest in growth projects now instead of next year, to increase runway during equity negotiations, and to bridge funding gaps.”
Rowan, (pictured below), said they aim to help companies get access to their R&D tax credits up to 9 months before R&D Tax Credits are typically paid; “Fundsquire were the first company to offer this type of funding in the UK. R&D Tax Credits are typically paid a few months after a company’s year has ended, we are providing access to this capital mid way through the current financial year.”
This year’s delay in receiving R&D refunds by HMRC has proved how valuable R&D Advance Funding can be: “HMRC timelines for paying R&D Tax Credits increased this year, and for a time we were seeing the typical turnaround time double. The value to clients of stabilising their cash flow during this period by using R&D Advance Funding was self evident.”
Australia, the UK and Canada share similar R&D tax incentive programs in an effort to drive business growth and innovation. Many small businesses are unaware of these programs, or fail to fully capitalise on the opportunities they present.