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AcceptZeus Capital acted as Financial Adviser to Growth Street in connection with its £7.5 million private placement.
Growth Street is a provider of flexible working capital finance to growing and profitable SMEs, through its GrowthLine product; powered by open banking and cloud accounting Integrations. The FCA-regulated company, which was founded by CEO Greg Carter and serial investor Thomas Hoegh in 2014, aims to combine traditional and personal relationship management with best-in-class technology to provide long-term support to its clients as they grow.
Growth Street has raised £7.5 million in a funding round led by Merian Chrysalis. These funds will be used to provide general working capital for growth. The funding underscores Growth Street’s ambition to be the next disruptive force in UK fintech. After the 2008 financial crash, bank lending to small and medium-sized enterprises (SMEs) collapsed, with the recovery since being dubbed “slow and uneven” by the OECD. Growth Street’s own research suggests that total UK overdraft lending reduced by around £18bn between 2008 and 2018. The Merian Chrysalis portfolio management team believes that Growth Street can shake up an ossified lending market and accelerate loan book growth.
Zeus Capital is a leading adviser to small and mid-cap private and public companies. Since 2013, Zeus Capital has acted on 108 transactions across public and private markets, which raised a total of £5.9bn.
Fibre7
Date: 09 Dec 2016
Sector: Construction and Materials
Type: Private Placement
Value: Undisclosed
Mkt Cap Admission: N/A
No Services