iO Finance Partners acquires Seneca Trade Finance in £40m deal

Seneca Trade Finance, a UK-based banal concern supplier for SMEs, has been acquired by iO Finance Partners successful a £40m ($53.29m) deal.

The merchantability marks the departure of Seneca Partners, which supported subsidiary Seneca Trade Partners to go a “leading provider” of commercialized concern to SMEs successful the UK.

Established successful 2016, Seneca Trade Partners is based successful Manchester and has a squad of 12 people, led by directors Chris Divers, Chris Williams, and Mark McGuire.

The concern presently manages conscionable nether 300 companies, offering a maximum installation of £300,000, with emblematic loans astir £100,000.

Seneca Partners manager Tim Murphy said: “Since we backed Chris Divers, Chris Williams and Mark McGuire astir 9 years ago, they person gone connected to physique the starring supplier of Trade Finance to UK SMEs.

“The clip is present close for america to exit, and we person nary uncertainty the concern volition proceed to thrive nether the caller ownership structure, and we privation the squad each occurrence successful the future.”

Divers said: “Since forming this business, the enactment from Seneca has been archetypal people and has enabled america to make a concern which has go the UK’s starring SME banal funder, allowing businesses to crook inventory into income faster. Joining iO volition springiness america scale, reach, and innovation power. Together, we tin alteration adjacent much SMEs to entree important maturation capital.”

iO is simply a recently launched backstage recognition level that aims to capable a backing spread successful the UK market.

Led by CEO Mike Ellwood and radical managing manager James Shore, iO plans to get 3 alternate concern providers.

In a abstracted statement, BP Marsh said it has invested £10m successful iO, securing an 8% stock done a premix of preferred and mean shares.

Janus Henderson, an plus manager listed connected the NYSE, besides co-invested £10m nether the aforesaid terms.

Commenting connected the investment, Shore said: “In effect to the expanding trouble faced by alternate lenders successful accessing accepted fiscal markets, iO volition connection a strategical solution to span the backing spread that has emerged arsenic precocious thoroughfare banks standard backmost connected lending to SMEs.

“iO is creating a one-stop level exploiting the increasing request successful backstage credit, and our strategical acquisitions volition alteration america to present connected some our promises of creating absorbing and diversified products to investors, whilst supporting the pressing financing needs of UK SMEs.”

"iO Finance Partners acquires Seneca Trade Finance successful £40m deal" was primitively created and published by Leasing Life, a GlobalData owned brand.

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