Image credits: BridgeFund
BridgeFund, an online business platform that offers fast business credit to SMEs without the intervention of a bank, has raised €20M in growth capital from the Dutch family office.
The startup says it will use the funds to expand its operations to other countries in Europe and help small SMEs with working capital. The company expects to pass the threshold of €100M in lending capital to Dutch SMEs this year.
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“Thanks to this investment and our smart technology, we will soon also be able to put the capital of foreign SME entrepreneurs to work,” says Julian van de Steeg, founder and CEO of BridgeFund.
“The intention is to start with one country, and then quickly scale up and conquer the whole of Europe,” he says.
BridgeFund: What you need to know
The Dutch company claims it is on a mission to make financing for SME entrepreneurs as simple, fast, and responsible as possible.
Founded in 2018, BridgeFund offers a two-sided online platform that bridges the gap between entrepreneurs who temporarily need extra money and investors who like to preserve their wealth.
The company offers credits up to € 250,000 at an interest of 1.3 per cent per month.
With its technology, a company’s financial data is analyzed very quickly, and carefully, to determine how much an entrepreneur can borrow responsibly.
The company also allows entrepreneurs to know whether they are qualified for a business loan on the same working day.
Van de Steeg continues, “Within Europe, the Netherlands is the second-largest market for alternative financing after the United Kingdom. This is partly because as a country we have been a frontrunner in digital adoption for many years. Due to the corona crisis, more and more European countries are catching up faster.”
He concludes, “Thanks to PSD2 legislation and the ease of our platform, there are currently unprecedented opportunities for us there. With the years of knowledge and expertise of our new shareholder, all elements are now in place to make a European rollout a success.”
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