12th Oct 2015 07:57
LONDON (Alliance News) - GLI Finance Ltd on Monday said it has provided a loan facility to Verus360 Ltd, a Bibby Line Group company.
GLI, which invests in the alternative finance sector, said it has agreed to provide a GBP5 million loan facility to Verus360.
The loan carries conversion rights, meaning GLI Finance can exchange it for shares expected to be worth about 14% of the business in the longer term.
Verus360 is a start-up company which provides a flexible, customer controlled revolving finance facility for smaller businesses online.
The start-up's initial focus is to focus on financing businesses with annual revenue between GBP200,000 and GBP8 million by offering loan facilities up to GBP250,000.
"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," Chief Executive Geoff Miller said in a statement.
Shares in GLI were up 0.6% at 50.68 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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