The fintech company Grapple has secured $35M in a debt facility from financier Global Credit Investments (GCI). The debt capital, which doesn't involve selling any equity in the company, will allow Grapple to continue scaling and maintain its current growth trajectory. Founded in 2018, Grapple is a non-bank business funding provider that offers financing and B2B payment solutions to small and medium-sized enterprises (SMEs).
Grapple works two ways for its users to ease cash flow problems. On the one hand, Grapple will get you paid faster in one up-front payment while popping your client on a four-instalment plan. On the other hand, Grapple Pay works for you by paying your supplier in one hit early while easing your business across four instalments. The company claims to have processed over 100,000 invoices worth $75M for over 1,500 Australian SMEs.
The start-up said the funding would accommodate "surging demand and take-up" of its solutions. Grapple's founder and CEO, Stephen Dawson, says the company has experienced a "breakout year" as businesses seek alternative financing solutions from non–bank lenders.
Due Diligence: Fintech Futures