GLI Finance Limited GLI Finance partners with Verus360
October 12 2015 - 1:00AM
RNS Non-Regulatory
TIDMGLIF
GLI Finance Limited
12 October 2015
GLI Finance partners with Verus360, by providing GBP5m loan
facility
GLI Finance Limited ("GLI" or "GLI Finance"), a leading investor
in the alternative finance sector, announces that it has agreed to
partner Verus360 Limited ("Verus360"), a Bibby Line Group ("BLG")
company. GLI will support Verus360 with a GBP5 million loan
facility which has conversion rights, which are expected to provide
the potential for a stake of approximately 14% in the business in
the longer term. The investment, which is expected to be completed
through both GLI and GLI Alternative Finance plc, will enable
Verus360 to execute the next stage of its strategy.
Verus360 is a start-up business delivering a flexible, customer
controlled revolving finance facility for SME businesses via an
innovative online solution. The initial focus of Verus360 is to
support businesses with annual revenue of between GBP200,000 and
GBP8 million by offering facilities up to GBP250,000.
Geoff Miller, Chief Executive of GLI Finance said: "Verus360 is
a great business, using sophisticated technology to interface with
borrowers' accounts and diligence them quickly and thoroughly with
minimum interference to their business."
Aimed at competing directly with the secured overdraft and
online finance marketplace, Verus360 has clearly differentiated
itself through transparency and fairness of fees, as well as its
unique online application, underwriting and on-boarding
capabilities.
Tony Morgan, Chief Executive of Verus360 added: "We are
delighted to have agreed this partnership with GLI, a leading
investor in the Alternative Finance industry that is playing a
significant part in developing both the sector and innovative
products via its platform investee companies. I have no doubt that
the wealth of experience that Geoff and his team bring to Verus360
will benefit us as we enter the next stage in our journey to
transform the SME finance marketplace for the better."
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.
-ENDS-
Contacts:
GLI Finance Limited
Geoffrey Miller Ed Gascoigne-Pees / Hazel Stevenson
(Camarco)
D: +1 203 916 0003 D: +44 203 757 4984 / 89
M: +44 7408 830719 M: +44 788 4001 9499 / 798 600 9720
Verus360 Limited
Tony Morgan
D: +44 207554 0700
M: +44 7595 892057
Bibby Line Group Limited
Martin Currie (Citypress)
D: +44 161 235 0310
M: +44 07976 291532
About GLI Finance Limited (www.glifinance.com)
GLI Finance is a specialist provider of finance to small and
medium sized enterprises and is quoted on the AIM market of the
London Stock Exchange (ticker GLIF). GLI Finance both invests in
loans to SMEs and originates finance for SMEs through a variety of
finance platforms.
The platforms in which GLI Finance is invested vary by
geography, industry, size of lending and by type of lending. They
include global trade finance, UK and US SME lending, offshore
lending, UK invoice discounting, European invoice discounting,
global multi-asset crowd funding and UK property-backed
lending.
About Verus360 Limited (www.verus360.com)
Verus360 is a part of the Bibby Line Group portfolio of
companies and provides flexible online finance to SME businesses in
the UK. The Verus360 platform allows the entire process of applying
for and gaining business finance to be completed online, with a
committed decision and offer available typically in under an hour
and funds available the next working day.
About Bibby Line Group Limited (www.bibbylinegroup.co.uk)
Bibby Line Group Limited is a business services group involved
in ship owning and operation, shallow water accommodation, seabed
mapping and coastal surveying, offshore oil & gas services,
contract logistics and support services, financial services,
memorial parks, retail and specialist plant hire and sales.
The Liverpool headquartered Group increased revenues eight per
cent to a record GBP1,715m in the year to 31st December 2014 and
generated profit before tax of GBP44m during the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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