Supply@ME Capital PLC (LSE:SYME) said it has secured a binding commitment from an institutional investor to invest in the first UK transaction using its Inventory Monetisation (IM) platform.
Building on last month’s achievement of its first IM transaction in Italy, where a local institutional investor provided a binding commitment to invest, the London-listed fintech said the first UK deal would be used to allow a UK client company to monetise cashflow based on the up to £1.8mln of its warehoused goods.
The UK client company provides parts and technology to the global marine industry, while the institution was not named.
SYME said it will provide further details once the definitive commercial agreements between its UK stock company and the client company and the funding instruments subscribed by the investor have been fully signed off.
It added that the institution has provided a commitment to the representative person of the UK stock company that it is establishing in the country in the same model used in Italy.
The client company has entered into the commitment with the UK StockCo representative to finalise the necessary definitive commercial agreements in relation to the transaction by the end of this month.
SYME chief executive Alessandro Zamboni said the first IM transaction using traditional funding in the UK “represents another key milestone” following the equivalent in Italy and he expects to add first agreements with banks this year.
“Momentum is building and our pipeline is strong and growing every day, as we continue to build our traditional and non-traditional funding routes. There are further milestones to reach to activate all of our initial funding routes, however, we now have a clear base in both core markets from which we are pursuing new and existing opportunities,” he said.
He said the company aims have white-label and self-funding transactions up and running in its core regions in 2024.