Small business finance company SAPI has secured $75m in debt funding and an additional $5m through an equity round led by US-based alternative credit asset manager Hudson Cove, reported Sky News.
The debt and equity funding is aimed at supporting the company’s global expansion.
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Established in 2020, SAPI was co-founded by Mai Le, previously with Goldman Sachs, and Alexis van Lennep. The company has offices in UK and Vietnam.
The company has provided tens of millions of pounds to small enterprises, focusing on businesses owned by immigrants and women.
In a LinkedIn post, Le said: “We’re ready to seriously ramp up our support for immigrant- and female-owned businesses, scale our payment-linked financing solutions, and push our international growth across London and Hanoi.”
SAPI operates in response to reduced access to external finance for small UK businesses by using embedded finance approach.
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By GlobalDataExisting investors Passion Capital and Triple A Capital also participated in this funding round.
SAPI has increased its presence in Asia-Pacific through a newly created financial technology operation in Vietnam, alongside its office in London.
Le was quoted by Sky News as saying: “Having the right backer at the right time can fundamentally change someone’s life and the trajectory of the business they’ve started.
“This funding round lets us scale payment-linked financing that repays at source and reaches more business owners who are too often overlooked by traditional lenders.
“Too often, start-ups and small companies, frequently founded by women or immigrants, are denied credit at a crucial moment in their journey.”
