SME financial services app Muse has raised $20m (£17m) in a debt facility round to continue its growth in the UK and expand its offerings abroad.
London-based Muse Finance provides various financial services for small businesses, including loans along with cash flow and invoice management tools.
The company, founded in 2018, claims it can optimise the cash flow of SMEs, allowing them to gain access to new funds.
Among the flagship services offered by Muse is advanced invoice collections, wherein users can gain instant access to funds owed to them on an invoice. The amount on the invoice is then collected by Muse on the due date.
The new funding brings the total amount raised by the company to $96m (£81.5m), having previously raised £64m from RiverRock and Prime 5 Finance Limited.
The company brought on the debt facility in the run-up to its Series A funding round, which the company claims can be expected in early 2023.
“We’re thrilled to announce that we’ve extended our debt facility at Muse, raising a further $20m to support UK small businesses,” said Muse founder and CEO, Ann Marie Juliano.
“Right now, there’s unprecedented pressure on businesses across the globe, particularly when it comes to cash flow management.”
Juliano said that the company is specifically designed for companies in need of “fast access to funds” in a period of rapid growth.
“And with this facility, we’ll be able to do even more to ensure small, ambitious businesses have the access to working capital that they need.”
Muse was part of the 2020 edition of the Barclays accelerator, which supports startups in the fintech industry