Newable Commerce secured an additional £70m in funding from Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank to enhance support for UK small to medium enterprises (SMEs) in international trade.
This funding aims to simplify the export process for SMEs by providing flexible debt facilities for up to 24 months and expediting funding applications within days.
Newable Commerce focuses on funding exporting SMEs, offering working capital products that fit the long payment cycles of international business.
The firm plans to assist hundreds of SMEs annually and expand its product offerings, which will include integrating working capital, foreign exchange, and international payments.
Jonathan Reynolds, Secretary of State for Business and Trade, said: “I am determined to do more to support small and medium-sized businesses.
“The department’s Business Plan sets out an ambition to significantly increase the number of small businesses UKEF supports, reaching over 1000 a year by 2029.”
Phil Reynolds (pictured), managing director of Newable Commerce, said: “There is a growing imbalance between SMEs looking to export and available funding options particularly in the sub-£10m turnover market, meaning we are incredibly excited about this partnership.
“This funding line will significantly bolster our capacity to support UK SMEs on their export journeys, ensuring they have the financial backing to seize international opportunities and drive their growth.”
Alex Scott, director at Quilam Capital, added: “We are delighted to be supporting Newable Commerce with this investment and partnering with the Newable Group to provide significant scalable funding and strategic support to the platform.
“The demand from UK SME exporters for funding to help grow their businesses is significant, and the Newable Commerce team have built a unique and focused set of products to support these businesses and address this exciting market opportunity.”