Following a £1.5 million (€1.7
million) venture capital injection last December, Smartfundit.com
is now raising securitised debt in London’s City, and is in talks
to secure another round of VC funding.
The online finance marketplace, which has
managed £700 million worth of finance requests since its launch in
2006, is now looking to expand further through inorganic
growth.
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Justin Floyd, Smartfundit.com’s CEO, told
Leasing Life that the company is “aggressively” looking to
make acquisitions.
“This is a core part of our growth strategy,”
he said. “We are looking at portfolios which have been left as
orphans by leasing companies, and we’re also looking at taking over
entire businesses, for example in the broker market.”
Smartfundit.com has signed up over 60 funders
and 2,000 vendors in the UK and US, and is eager for more to
join.
The US market only accounts for 10 percent of
the business at the moment, but Floyd aims to increase the
company’s presence significantly, increasing US income to 40
percent of Smartfundit.com’s total business within two years.
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By GlobalData“We’ve got a very active marketing strategy in
the US, and we’re starting to see a lot of US revenue and vendors
coming through,” he explained.
“We’re also looking to expand across Europe –
Germany, France, Spain and the Benelux countries, in
particular.”
There are already a number of potential
distribution deals in the pipeline, Floyd said, especially in the
factoring and receivables sector.
“End users who decide to lease technology are
also quite interested in receivables funding, as are the technology
vendors who are selling the equipment,” said Floyd.
Floyd does not intend on stopping there,
however: “We just want to make it easier to get whatever level of
funding they need for their business, whether it’s receivables
finance, tech finance, lease finance, or even loans for their
business.
“Whatever it is they need for their
organisation, they should be able to get through us.”
