UK based invoice financing service DueCourse has completed a £6.5m angel seed funding round from investors including the founders and backers of Zoopla, LoveFilm and TransferWise and LinkedIn. This new round of angel investment puts DueCourse in a strong position within the SME business lending market in the UK, which lent an estimated £53 billion to small businesses in 2014.
Launched in 2015, Manchester-based DueCourse’s software technology unlocks the cash tied up in unpaid invoices, giving SMEs control over their cash flow and empowering them to meet their ambitions. 8 out of 10 small businesses who use the cash flow utility go on to regularly use the product; demonstrating that the service is proving very popular with UK SMEs. The business is planning to raise a further Series A round of £10-15 million in funding over the next 10 months to expand its service around the world. Aimed at small businesses who regularly invoice clients, the free software links to a company’s online accounting platform and uses it’s proprietary risk engine to assess which invoices are eligible for a cash advance. Once an advance has been requested, the money reaches the customer’s account in a matter of hours.