SellersFunding is launched in UK and Canada, with plans for other European offices to come.
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A US lending company for online businesses has been launched in the UK and Canada, with plans for further European expansion “in the near future”.
SellersFunding officially opened offices in London and Canada earlier this week.
The New York-based company said it offered e-commerce businesses access to pre-approved monthly amounts “eliminating the need for frequent approvals that affect credit scores.”
SellersFunding, founded two years ago, said it currently has 10,000 users and supports global sales estimated at $ 1 billion.
The company said its international expansion was part of “aggressive” growth plans focused on 2020. It added that “in the near future the company will further expand its reach to the rest of Europe.”
The US company will compete with a range of alternative lenders, such as Assetz Capital, FTSE 250-listed Funding Circle, and smaller firms such as Capital on Tap and Growth Street.
SellersFunding’s UK office in Covent Garden in London was registered on April 17, according to Companies House records. The office is headed by Leonardo Felisberto, who worked for more than ten years at JPMorgan, advising investment banking clients in the United States, Latin America and Europe.
The group is led by Ricardo Pero, Managing Director, who has over 20 years of experience between JPMorgan, Citigroup and Merrill Lynch.
On a mission
“Our mission is to obsolete the funding challenges that have historically been difficult for online sellers to navigate,” Pero said in a company statement. “Our solutions are designed to help sellers get the financing they need to support their business seamlessly, 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 2008 global financial crisis, when large banks cut lending to small businesses over fears of defaults.