London-based Muse Finance has SMEs in the UK and US in its sights via a $20 million (£17 million) debt facility.
According to Muse, the additional funds mean that it now has access to over $96 million (£81 million), having previously raised £64 million for UK and European corporates from RiverRock and Prime 5 Finance.
The new debt facility comes ahead of Muse’s upcoming Series A round, which is planned for early 2023.
Ann Marie Juliano, Founder and CEO of Muse, comments: “Right now there’s unprecedented pressure on businesses across the globe, particularly when it comes to cash flow management.”
The Federation of Small Businesses notes that at the start of 2021 there were 5.5 million SMEs in the UK, so there are plenty of opportunities out there.
- Someone else wins – read about ‘Winn Group Invests in Low-Code Firm Toca’ here
The fintech firm doesn’t go into specifics about its American dream, but the intention is clear enough.
Along with the US, the funding will be used to support its customers in the UK. Muse provides a business finance solution, which combines supply finance and invoice finance to help businesses pay overseas suppliers.
Muse has nearly 5,000 customers in the UK and has supplied finance for over 36,000 invoices. Users can access funds by scanning a QR code and downloading its app.
Muse points out that it connects to accounting software systems to generate real-time visualisations of that data. It explains that it can provide free 30, 60 and 90-day cash flow forecasts, and a single view of business bank accounts and credit cards.
Its app also enables real-time analysis of invoices issued to “uncover potential short-term cash flow gaps, highlighting invoices which could be used as an asset to bridge those gaps”.