Fintech Startup equipal Raises €18.84 Mn in Round

The investment includes €1.4 million (£1.25 million) in equity funding and a €17 million (£15 million) funding facility from Altum Capital Management. Altum provided both the investment and the funding support.

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The company plans to use the new capital to expand its team, hiring in business development, marketing, operations, credit, and data. Equipal expects its workforce to grow to 12 employees over the next year.

Eamonn McMahon, founder of equipal, said: “I’m thrilled to get this deal over the line. While the market environment has been challenging, our operating resilience and discipline on credit, while keeping the customer front and centre, has helped us get here. The structure of this deal allows for additional scale with senior funding in the years ahead and critically, provides us with operating flexibility. We look forward to scaling up, in partnership with our new shareholders and funders, Altum Capital.”

Equipal’s funding round comes at a time when investors are continuing to back platforms that support small and medium-sized businesses (SMEs), specialized lending companies, and embedded finance solutions.

Founded in 2018 by Eamonn McMahon, Equipal is a fintech company that helps businesses finance the equipment they need. It has built its own technology platform, which is integrated directly into the sales systems of more than 75 equipment suppliers across the UK.

Through its platform, equipment vendors and their customers can quickly arrange fully digital financing for equipment purchases, with funding available up to €289,000 (£250,000).