A US loans firm aimed at online businesses has launched in the UK and Canada, with plans for further European expansion “in the near future”.
SellersFunding officially set up offices in London and Canada earlier this week.
The New York-based business said it offers e-commerce companies access to pre-approved monthly sums “eliminating the need for frequent approvals that affect credit scores”.
SellersFunding, founded two years ago, said it currently has 10,000 users and supports an estimated $1bn in global sales.
The business said its international expansion are part of “aggressive” plans for growth focused on 2020. It added that “in the near future, the company will further expand its reach to the rest of Europe”.
SellersFunding UK office in London’s Covent Garden was registered on 17 April, according to records at Companies House. The office is led by Leonardo Felisberto, who worked for more than ten years at JPMorgan, providing advice for the investment bank’s clients across the US, Latin America and Europe.
The group is led by chief executive is Ricardo Pero, who has over 20 years of experience between JPMorgan, Citigroup & Merrill Lynch.
On a mission
“Our mission is to make obsolete those funding challenges that have been historically difficult for online sellers to navigate,” said Pero in a company statement. “Our solutions are designed to help sellers obtain the funding they need to seamlessly support their businesses, and to move money around the world.”
SellersFunding is entering a mature digital lending market in the UK, which was sparked in the aftermath of the global financial crisis, when high street banks cut back on small business loans, fearing defaults.