US online lending company SellersFunding lands in UK
SellersFunding is launching in the UK and Canada, with plans for more European offices to come.
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A US lending company for online businesses has launched in the UK and Canada, with plans for further European expansion “in the near future”.
SellersFunding officially opened offices in London and Canada earlier this week.
The New York-based company said it offers e-commerce businesses access to pre-approved monthly sums “eliminating the need for frequent approvals that affect credit scores.”
SellersFunding, founded two years ago, said it currently has 10,000 users and supports around $1 billion in global sales.
The company said its international expansion was part of “aggressive” growth plans focused on 2020. It added that “in the near future, the company will further expand its reach to the rest of Europe”.
The US company will compete with a range of alternative lenders, such as Assetz Capital, FTSE 250-listed Funding Circle, and smaller companies such as Capital on Tap and Growth Street.
SellersFunding’s UK office in London’s Covent Garden was registered on April 17, according to Companies House records. The office is led by Leonardo Felisberto, who worked for more than ten years at JPMorgan, advising investment banking clients in the United States, Latin America and Europe.
The group is led by chief executive Ricardo Pero, who has more than 20 years of experience with JPMorgan, Citigroup and Merrill Lynch.
On a mission
“Our mission is to make obsolete these funding challenges that have always been difficult for online sellers to navigate,” Pero said in a company statement. “Our solutions are designed to help sellers get the financing they need to seamlessly support their business and move money around the world.”
SellersFunding is entering a mature digital lending market in the UK, which was sparked in the aftermath of the 2008 global financial crisis, when big banks cut lending to small businesses over fears of defaults.