💸 Groov Secures $1.9M in Seed Funding
Groov, an embedded lending platform targeting SMEs, has raised £1.5M (approximately $1.9M) in a successful seed funding round. The investment was led by Fuel Ventures, with support from Aperture Capital and several angel investors. The funding, announced on November 8, 2024, will support Groov in expanding its API-driven financial solutions, which integrate seamlessly with SME business systems.
🌐 Expanding Access to Capital for SMEs
Groov aims to reshape how SMEs access financing by embedding lending options directly into their existing workflows. Through its API, Groov provides SMEs with tailored lending choices, helping them secure competitive rates and flexible terms. This solution ensures businesses have access to capital precisely when they need it, without additional hassle. According to Groov, this funding will help them enhance their platform’s flexibility and approval rates for SMEs.
📈 Accelerating Growth and Product Launches
With the new funding, Groov plans to launch additional lending products, such as a merchant cash advance option. The company’s roadmap includes building a multi-regional lending network to meet the needs of diverse markets, allowing Groov to support more SMEs as they expand. CEO Mark Hazzard noted that this investment reflects confidence in Groov’s mission to simplify capital access for SMEs.
🤝 A Flexible and Customer-Centric Model
Groov’s offerings include a Software as a Service (SaaS) model that prioritizes ease of use and customer-centric design. Alongside its API, Groov also offers a gateway to connect SMEs with multiple lenders, allowing access to a broader range of financing products. This approach supports SMEs in achieving optimal terms and acceptance rates, benefiting from Groov’s flexible and wide-reaching platform.
How will embedded lending shape SME financing?
