12.10.2015, 14:15
GLI Finance partners with Verus360
OREANDA-NEWS. 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 £5 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 £200,000 and £8 million by offering facilities up to £250,000.
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.
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 £200,000 and £8 million by offering facilities up to £250,000.
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.
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