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|Verus360’s ‘pay-as-you-use’ business finance service receives cash boost to help SMEs|
|Friday, 23 October 2015|
Verus360, the finance company set up to revolutionise funding for small- and medium-sized enterprises (SMEs) is to partner with GLI Finance. GLI has offered the company a £5million funding facility. The investment is good news for SMEs as it will help Verus360 continue to transform the business finance market with its intelligent ‘pay-as-you-use’ online finance. Based in London, Verus360 is able to support businesses with annual revenues in excess of £100,000 with loans of up to £250,000.
Verus360’s online finance was launched in April 2015 and aims to take the pain out of business borrowing by offering fair and flexible finance, with one simple, pay-as-you-use interest charge. Many SMEs struggle to get the money they need to manage their cash flow and grow their business. Traditional lending can often be expensive and confusing for businesses – the true cost of borrowing can be far higher than the headline interest rate as lenders charge arrangement and management fees. Interest can often be charged, regardless of whether the company needs the money at that time (also known as non-utilisation fees).
Verus360 is aiming to change this by offering a flexible online finance facility which is easy to use and affordable. The company only charges interest for the time the SME is borrowing the money. The fees are transparent and there are no fixed terms or minimum monthly charges – if you don’t use it, you don’t pay a penny. And unlike many other lenders, Verus360 never asks for personal guarantees.
Tony Morgan, Chief Executive of Verus360, said: "We are delighted to be working with GLI. The wealth of experience that GLI brings to Verus360 will be a huge benefit to our business. We aim to transform how business finance is provided by improving access to business borrowing and giving SMEs the liquidity they need with our flexible funding solution."
Geoff Miller, Chief Executive of GLI Finance, said: "Verus360 is a great business using sophisticated technology to offer an intelligent funding service that we know will appeal to SMEs. We’re delighted that our investment will help to support the company in the next stage of its growth.”
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