International legal practice Osborne Clarke has advised SellersFunding, a New York headquartered FinTech, on a £19M debt financing to fund growth of the company's loan book in the UK and expansion of their European lending operations.
SellersFunding's online direct lending platform offers term loan and receivables advance facilities of up to $500k to e-commerce merchants and set themselves apart from their competitors by offering a frictionless loan approval and funding process, funding in as little as 1-2 business days.
Following its launch in the US, it generated 10,000 users in just 12 months and launched in the UK in 2019 with the aim of providing its working capital solutions to UK based merchants.
SellersFunding's online platform helps new e-commerce businesses prosper through financial innovation, providing merchants with access to credit that may not be available via traditional lenders by offering a new credit solution that bases a merchant's credit off of performance, rather than personal credit as well as low transaction costs and transparency.
A team led by Partner James Tarleton, assisted by Senior Associate Laura Hanley (Banking), Partner David Nisbet (Tax) and Associate Ben Doeh (Tax) advised on all English law aspects of the financing including negotiating the facilities agreement and security documentation. The lender is providing term debt of up to £19M secured against the company's assets, including its existing loan book, to support the company's European growth. This is the first instruction Osborne Clarke has received from SellersFunding.
