Published: Wednesday 17th June 2020
London - Wednesday 17th June 2020. Today, Muse, the SME cash management app, announced it has secured a significant new debt facility that will support the firm’s ambitious expansion plans. The new facility, secured in May 2020, is being provided by a European investment manager and will enable Muse to extend a further £60m in lending to UK SMEs over the next 12 months. This follows a successful equity funding round earlier this year that included Barclays as an investor.
Muse provides SMEs with smart finance management tools and access to affordable, speedy finance - all in one app. Launching their invoice finance offering in 2019, the company has funded £14m of invoices in the past 12 months and this new facility enables Muse to deliver even more, much needed funding to a wider network of businesses in the UK. Additionally, the funding will support the company’s plans to provide invoice finance facilities to SMEs via strategic partnerships with complementary third party organisations.
Ann Juliano, CEO and Founder of Muse, commented: “SMEs employ over 60% of the UK workforce and are economic superheroes of this country. Positive cash flow is the lifeblood of every firm and we are delighted to have secured a new debt funding facility at such a critical time. Although everyone is keen to get back to work, many business owners are quite rightly very anxious about their individual cash positions and are concerned whether they will actually even be able to resume trading as the situation returns to ‘normal’. This is where Muse really comes into its own. Together with our growing partner network, our shared goal is to provide faster, easier access to invoice finance which we believe will be the cornerstone in helping the SME business community regain financial control and certainty.”
Erik Timmermans, Founder of World of Open Account (WOA), added: “It is great that a highly innovative Fintech such as Muse actively supports SME financing, given these firms will be at the forefront of the post-Covid recovery. It is also very encouraging to see that Muse has been able to secure additional liquidity to grow and prosper when some lenders are having to retrench.”
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Muse is registered in England and Wales as Muse Corporation Limited (No. 11210261). 1 Vicarage Lane, Stratford, England, E15 4HF. © Muse Corporation Limited 2020. All rights reserved.