<
p>Two financial heavyweights have launched a new commercial lender, with the promise of financing small firms with “cash in the bank within ten days”.
Financial services veterans Richard Morley and Ian Morrison have launched a new short term finance service for small business, which claims to allow small firms access to funds within 10 days of an application.
Founders Morley and Morrison have a combined 30 years’ experience in financial services, most recently co-founding factoring company Merchant Cash Express Limited.
Liquid Finance is targeted at firms which take credit or debit cards as payment and offers them short term unsecured cash advances.
In return, Liquid Finance will take a percentage of daily card transactions after the payment is due, typically 18-25 per cent.
The firm said a company taking out a £10,000 payment would expect to pay back around £13,000, with this rate varying depending on the volume of transactions concluded during the period.
Liquid Finance said the entire process from application to having funds in the bank would take less than ten days.
The service, which is launched as a sister company of FCA regulated e-money issuer iCheque, is targeted at SMEs needing quick finance to fulfil orders and grow their organisation.
It is designed to complement, rather than replace, traditional bank loans and other long-term funding options.
Richard Morley will be responsible for sales and marketing whilst Ian Morrison will lead international business development. Amongst other board appointments, Julio Vildosola will join as CEO and founder and director of Liquid Finance sister company iCheque Justin Lunny will join the board.
Richard Morley said in a statement: “Liquid Finance has launched to deliver fast and credible funding to UK businesses. We are passionate about UK commerce and believe UK SMEs [small and medium-sized enterprises] are key to the success of our economy.
“Being able to secure short term funding is essential for most companies, whether this facilitates a refurbishment or the purchase of additional stock.
“Our team’s industry expertise, coupled with the credibility of our sister company being regulated by the FCA, means Liquid Finance can provide a complementary funding option to the traditional bank loan.”
Two financial heavyweights have launched a new commercial lender, with the promise of financing small firms with "cash in the bank within ten days".
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