According to the firm, over the last three years, the amount of businesses in the region successfully applying for funding increased 206%, with SMEs obtaining on average 20% more funding.

In the South West hospitality businesses dominated the top five sectors opting for finance over the 12 months with pubs and bars coming in first and restaurants coming second.

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Over the last three years, businesses successfully applying for funding has increased by 206% in the region. In addition, according to the latest data direct from the revenue-based finance provider, SMEs in the South West are on average obtaining 20% more in funding.

In order to expand within a high-demand region, 365 finance has now opened a new branch in Bristol, with a team of five staff.

Chris Thorne, strategic partnership director at 365 finance heading up the Bristol team, said: “Bristol has developed into a bit of a fintech hub in recent years, which is another reason why having more of a presence here works well strategically for 365 finance. 

“Our expectations of the Bristol team include productivity doubling, as well as faster funding in the coming months."