TP24 Raises £345M in Debt Funding from Barclays and M&G Investments

TP24, a fintech specializing in flexible revolving business credit for SMEs, secured £345 million in debt funding from Barclays Bank and M&G Investments. Barclays committed up to £200 million in warehouse financing, providing the senior debt facility to support TP24's lending book. M&G Investments contributed up to £40 million in mezzanine funding, taking a subordinated position in the capital structure.

Of the total funding, £200 million was designated for lending operations in the UK and Netherlands, while an additional £105 million was allocated for TP24's Australian expansion. The deal represents a significant bank-fintech lending partnership, with a traditional bank providing balance sheet support to a fintech lender. The warehouse facility structure allows TP24 to scale its SME lending without requiring equity dilution.

This funding round highlights institutional investor confidence in fintech-enabled SME credit products and the growing trend of banks funding fintech lending platforms.