AMP Raise $5m in Series A Funding
19th November 2014
Level39 member Advanced Merchant Payments have raised $5m in series A funding from SBT Venture Capital.
AMP are an alternative finance provider that enable banks to lend money to small and micro-businesses.
Banks usually find it difficult to serve the small business sector due to the lack of credit history that a typical SME can make available. AMP’s platform leverages principles from micro-finance, payment processing, data analytics and predictive modelling – together with more traditional loan underwriting principles – to enable banks to service loans to these smaller businesses.
Thomas J DeLuca (pictured above, centre) – is the CEO of AMP in addition to being both a member and mentor at Level39 – was keen to point out that AMP believe in working with the banks, not against them.
“Micro, small, and medium-sized enterprises play a critical role in economic growth and employment yet many find it impossible to access traditional bank financing… We differ from other alternative lenders in that we firmly believe that the key to addressing the MSME credit gap is to enable banks and other institutions to serve their own small business customers”
Matteo Rizzi, now a Partner of SBT and an old friend of Level39, was very pleased with the investment.”AMP combines disruption and innovation in a traditional banking space, enabling financial institutions to serve the high growth potential SME lending business”
This news continues a great year for AMP, in which they also made the prestigious Innotribe Grand Final.