Wellington Financial has provided a USD2.4m venture debt financing for TIM Group, a SaaS developer of applications serving the financial services industry.
Under the terms of the venture loan facility, Wellington Financial provided a term loan of USD2.4m to TIM Group and Barclays Bank provided an additional GBP500,000 overdraft facility.
"TIM Group generates new revenue for administrators, brokers and other customers. Delivering market-beating analysis to investors, TIM Group is a trusted partner to both investors and service providers," says Craig Netterfield, senior vice president of Wellington Financial. "With significant revenue growth since 2005, TIM Group is a leader in all of the markets in which they operate. We are delighted to add TIM Group to our portfolio."
Richard Koppel, chief executive of TIM Group, says: "Partnering with Wellington Financial provides us with additional growth capital to support new exciting initiatives for investors and non-equity products. With Wellington’s impressive track record of financing high growth companies, we look forward to working with them."
TIM Group is backed by venture capital firms, including Commonwealth Capital, GrandBanks Capital and JL Albright Ventures.
