Growth Street gets £7.5m funding to grow lendtech business
Business lending platform Growth Street has raised a £7.5 million scale-up investment round led by Merian Chrysalis Investment.
Merian in the sheets, Growth in the Streets.
The investment has been supported by individual investors including Rob Rankin, former co-head of corporate banking and securities at Deutsche Bank, and Peter Brodnicki, CEO of the Mortgage Advice Bureau.
Existing investors are also contributing to the round, including Christiaen van Lanschot, Growth Street’s chairman; Paolo Cuniberti, former CEO of Mediobanca UK; and Pi Capital CEO David Giampaolo.
Growth Street was advised by Zeus Capital, who are also participating in the round. The funding round values the firm at £27.5 million.
The lendtech supports SMEs with GrowthLine, described as a “transformation” of the traditional bank overdraft.
“Growth Street has built a differentiated product that provides flexible funds to SMEs, filling the vacuum created by the retrenchment of high-street banks in this space,” says Richard Watts, co-fund manager of Merian Chrysalis.
Growth Street was founded by CEO Greg Carter and serial investor Thomas Hoegh in 2014. It aims to combine traditional and personal relationship management with technology.
Merian Chrysalis was advised by asset management firm Merian Global Investors, which has a total of £31.6 billion under management
