Muse Financing, a London-based digital financing provider for small, medium, and developing firms, said on Aug. 23 that it has received a $20 million loan facility in advance of its next Series A round, which is expected for early 2023.
Muse has now raised a total of $96 million with the most recent statement. The increased funds will be used to accelerate growth and serve clients in the United Kingdom.
In reaction to the fundraising, Ann Marie Juliano, founder and CEO of Muse, said, “We’re thrilled to share that we’ve expanded our credit facility at Muse, raising an extra $20 million to support UK small businesses.”
“Businesses over the world are today under unprecedented duress, particularly in terms of cash flow management.” We’ll be able to do much more with the new facility to ensure that small, ambitious businesses have access to the operating funds they need. We were developed specifically to assist firms who want quick access to capital in order to continue to grow.
Trade financing—a term for credit facilities designed to help businesses in completing purchases when they lack the necessary liquidity—is critical for businesses of all sizes.
Many banks, however, have fallen short of providing trade credit for small- to medium-sized businesses (SMBs), leaving a gap that startups like Muse can fill.