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|Platform Black strengthens balance sheet with £5 million cash injection|
|Wednesday, 20 April 2016|
Platform Black, an online business finance marketplace for UK SMEs, has secured a £5 million investment from its parent company, GLI Finance which has subscribed for five million preference shares. This move strengthens the Platform Black balance sheet and positions the company for continued growth.
Andy Whelan, Chief Executive of GLI Finance, said: “We’re delighted to announce our additional investment in Platform Black. The business is one of huge potential, with a clear market positioning and strong management team. Our expertise as one of the leading investors in the sector will ensure we’re able to work closely with the company to drive the next phase of its growth as it continues to deliver its compelling proposition to UK SMEs.”
Caroline Langron, Managing Director at Platform Black, said: “The ongoing support and corporate strength of GLI Finance is a significant boost to our business. This milestone enables us to continue our rapid growth trajectory and complements our commitment to continuously investing in the platform and our risk-focused team.”
The impact of this focus is reflected in Platform Black’s defaults for the year ending 31st March 2016 at zero for the 12 month period. This rate is testament to the work that has gone into strengthening the company’s management team and skill set, enabling it to undertake robust due diligence as SMEs seek access to working capital. Stringent processes ensure that the team understands the quality of the debt on the platform and that funders do too, promoting safe and responsible lending.
In protecting its users, Platform Black ensures all monies received from both funders and sellers are ring-fenced and segregated from corporate funds. This ensures all money is safeguarded and provides transparency.
“It’s been a busy and exciting few years which have seen plenty of developments in line with our strong focus on transparency and due diligence,” Caroline added. “GLI Finance’s continued support will help us to drive the business forward with increased investment in the platform itself and improving our users’ experience. We’ve bolstered reporting functionalities to deliver funders with an overview of average return rates and real-time default data, and will continue to make enhancements to the platform which deliver real value.”
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