CCR Magazine

Subscribe Here
You are here  :Home arrow News arrow Platform Black strengthens balance sheet with £5 million cash injection
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Platform Black strengthens balance sheet with £5 million cash injection PDF Print E-mail
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.”
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

CSA

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197