The peer-to-peer lender provided TLM with a multi-channel P2P business loan to help the company free itself from expensive invoice discounting facilities as well as to support the future growth of the business.
Together, TLM Technologies and ArchOver pioneered the first multi-service, peer-to-peer business loan using two flagship funding models: secured and insured, and secured and assigned (launched by ArchOver in February 2017).
In May 2017, an initial £1.1m was split between two loans, funded over the ArchOver platform.
The first enabled TLM to exit its invoice discounting facility by providing £600,000 as a 12-month secured and insured loan secured against its accounts receivable.
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The latter was a 12-month £500,000 secured and assigned loan, based on TLM’s contracted revenues from software licenses and service maintenance contracts.
A further £250,000 was funded over the ArchOver platform in July 2017, which will be used to support rapid business growth expected over the next six months.
“TLM is a fast-developing company with scope to expand overseas and cross over into targeted new sectors,” said Lee Papper, CEO at TLM (pictured above).
“However, our previous invoice finance facility was not able to meet our needs.
“ArchOver’s service was recommended to us, and having experienced their professionalism and flexibility first-hand, we are not looking back.
“The loan application process was smooth and straightforward, while the team moved quickly to put our loan in place, and gave us friendly, personal service, including multiple on-site visits.”
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