GLI Finance partners with Verus360, by providing £5m loan facility
GLI Finance Limited ("GLI" or "GLI Finance"), a leading investor in the alternative finance sector, announces that it has agreed to partner Verus360 Limited ("Verus360"), a Bibby Line Group ("BLG") company. GLI will support Verus360 with a £5 million loan facility which has conversion rights, which are expected to provide the potential for a stake of approximately 14% in the business in the longer term. The investment, which is expected to be completed through both GLI and GLI Alternative Finance plc, will enable Verus360 to execute the next stage of its strategy.
Verus360 is a start-up business delivering a flexible, customer controlled revolving finance facility for SME businesses via an innovative online solution. The initial focus of Verus360 is to support businesses with annual revenue of between £200,000 and £8 million by offering facilities up to £250,000.
Geoff Miller, Chief Executive of GLI Finance said: "Verus360 is a great business, using sophisticated technology to interface with borrowers' accounts and diligence them quickly and thoroughly with minimum interference to their business."
Aimed at competing directly with the secured overdraft and online finance marketplace, Verus360 has clearly differentiated itself through transparency and fairness of fees, as well as its unique online application, underwriting and on-boarding capabilities.
Tony Morgan, Chief Executive of Verus360 added: "We are delighted to have agreed this partnership with GLI, a leading investor in the Alternative Finance industry that is playing a significant part in developing both the sector and innovative products via its platform investee companies. I have no doubt that the wealth of experience that Geoff and his team bring to Verus360 will benefit us as we enter the next stage in our journey to transform the SME finance marketplace for the better."
Verus360 was established in January 2014, specifically to help to address the funding gap for SME businesses. Since launching the platform in April 2015, Verus360 has already taken on its early customers and is starting to gain clear traction as a result of its innovative product and transparent, pay-as-you-use finance.
-ENDS-
Contacts:
GLI Finance Limited
Geoffrey Miller Ed Gascoigne-Pees / Hazel Stevenson (Camarco)
D: +1 203 916 0003 D: +44 203 757 4984 / 89
M: +44 7408 830719 M: +44 788 4001 9499 / 798 600 9720
Verus360 Limited
Tony Morgan
D: +44 207554 0700
M: +44 7595 892057
Bibby Line Group Limited
Martin Currie (Citypress)
D: +44 161 235 0310
M: +44 07976 291532
About GLI Finance Limited (www.glifinance.com)
GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on the AIM market of the London Stock Exchange (ticker GLIF). GLI Finance both invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.
The platforms in which GLI Finance is invested vary by geography, industry, size of lending and by type of lending. They include global trade finance, UK and US SME lending, offshore lending, UK invoice discounting, European invoice discounting, global multi-asset crowd funding and UK property-backed lending.
About Verus360 Limited (www.verus360.com)
Verus360 is a part of the Bibby Line Group portfolio of companies and provides flexible online finance to SME businesses in the UK. The Verus360 platform allows the entire process of applying for and gaining business finance to be completed online, with a committed decision and offer available typically in under an hour and funds available the next working day.
About Bibby Line Group Limited (www.bibbylinegroup.co.uk)
Bibby Line Group Limited is a business services group involved in ship owning and operation, shallow water accommodation, seabed mapping and coastal surveying, offshore oil & gas services, contract logistics and support services, financial services, memorial parks, retail and specialist plant hire and sales.
The Liverpool headquartered Group increased revenues eight per cent to a record £1,715m in the year to 31st December 2014 and generated profit before tax of £44m during the year.