GLI Finance lends £5m to Verus 360

GLI Finance is backing a company, Verus 360, established by Bibby, which offers small and medium sized companies borrowing facilities. 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. GLI Finance is supporting the business with a £5m convertible loan. This has the potential to result in a 14% stake in the business over the longer term.

Verus 360’s chief executive, Tony Morgan, says “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.”

Bibby Financial Services describes itself as the UK’s leading independent invoice finance specialist and a trusted provider of funding solutions to over 7,000 businesses. Through its network of 19 local offices, it handles annual client turnover of £5 billion and advance in the region of £480m to small and medium sized businesses throughout the country. Formed in 1982, it is a member of the Asset Based Finance Association (ABFA) and supports businesses in over 300 industry sectors.

GLIF : GLI Finance lends £5m to Verus 360