SMB FinTech Muse Finance Raises $20M
Muse Finance, a London-based digital finance provider for small, medium and growing businesses, announced Tuesday (Aug. 23) that it has raised a $20 million debt facility ahead of its upcoming Series A round, which is planned for early 2023.
The latest announcement means that Muse has raised a total of $96 million to date, and the new funds will be used to accelerate expansion and support customers in the U.K.
Commenting on the raise, Ann Marie Juliano, founder and CEO of Muse, said, “We’re thrilled to announce that we’ve extended our debt facility at Muse, raising a further $20 million to support UK small businesses.
“Right now there’s unprecedented pressure on businesses across the globe, particularly when it comes to cash flow management. We’re specifically built to help businesses that need fast access to funds to continue to grow — and with this facility, we’ll be able to do even more to ensure small, ambitious businesses have the access to working capital that they need.”
Trade financing, which refers to credit facilities designed to help businesses make purchases when they lack the necessary liquidity, is important for companies of all sizes.
But as PYMNTS reported recently, small- to medium-sized businesses (SMBs) in need of trade financing have been underserved by many banks, leaving a gap in the market for the likes of Muse to fill.
In the U.S., BigCart has designed its own trade financing solutions for the SMB market by pursuing a similar digital-first approach to Muse. Like Muse, BigCart is looking to increase SMBs’ access to trade finance and streamline the payment processes involved.
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