equipal, a FinTech funder of business equipment out of London, has secured €18.84 million (£16.25 million) in a combined investment in order to hire across business development, marketing, operations, credit and data where the team expects to grow to 12 in the next year.
The funding includes a €1.4 million (£1.25 million) equity investment alongside a headline €17 million (£15 million) forward flow facility from Altum Capital Management – composed of initial full lease funding and contingent junior funding, with Altum Capital providing both the equity injection and funding capacity.
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.”
Founded by former investment banking professional Eamonn McMahon and initially soft launched in 2021, equipal is a tech-enabled funder of business equipment. The company develops its own technology, and its financing platform is embedded at the point-of-sale with more than 75 equipment vendors across the UK.
equipal enables equipment vendors and their customers to organise fast, fully digital asset finance of up to €289k (£250k).
Serving sectors including manufacturing and transport, equipal finances a range of hard assets, from CNC machines to coaches on up to 5 years with flexible terms.
Using its proprietary technology, the company says they have accelerated and streamlined what has traditionally been a slow, intensive, email-heavy process.
To date equipal has recorded a default rate of 1.26% and zero credit losses to date, while 69% of customers who have sourced funding once through the platform have returned for additional finance.
Furthermore, the company outlines that today’s funding comes at a challenging time for platform lending and the broader private credit market, with many small platforms constrained by investors retrenching.
