The revolving credit facility will support Connectus’s development plans, including business expansion, recruitment and new acquisitions.
Connectus’ services help clients to reduce costs, complexity and risk, and the business has seen a 47% growth in the past year.
Roy Shelton, CEO of Connectus, said: “We are delighted to have secured this new funding with Time Finance, which will help create an important new chapter in the story of our business. It will fuel the growth of Connectus Business Solutions and it will also help meet the growing demand for our connect, protect and collaborate managed services.
“We’ve had a strong start to 2023, and now this new funding will allow us to make even more investments into our fibre network and secure hosting environment. It will also allow us to extend our cyber security capabilities and invest in more engineering and support staff.
“We have ambitious plans for additional acquisitions that are progressing well. With this funding in place, we will be able to add to the services we provide our customers we serve and further, extend our geographical reach. We are at an exciting new phase of development.”
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Rob Walters, business development manager at Time Finance, said: “Connectus is a fantastic business and one we’re delighted to support. Invoice Finance is the perfect fit for a business looking to access its own capital in order to achieve its business goals; the funding stream grows with the business, creating cashflow that can feed back into investment plans.
“Connectus have ambitious plans to grow and we look forward to seeing how our funding can help them to make a real impact.”
Time Finance supports more than 10,000 UK businesses every year, and specialises in funding solutions to UK businesses. The finance provider has a portfolio that includes Asset Finance, InvoiceFinance, BusinessLoans, and its recently established AssetBased Lending solution.