Swedish-based fintech Treyd is launching its services in Ireland, offering Irish small and medium sized enterprises working capital through inventory financing.
The company, which has its headquarters in Stockholm, began operations in the UK last year, where it supports more than 150 SMEs.
“Ireland presents an exciting new market for Treyd and continues the company’s ambitious strategy for global expansion,” said Peter Beckman, CEO and co-founder of Treyd. “Since our UK launch in 2022 we have been progressively developing our plan to open in Ireland to provide a sustainable solution for local SMEs and businesses to grow.”
By financing inventory purchases, Treyd allows SMEs to invest their capital in growth. It pays for suppliers upfront for goods supplied to the retail business, and they pay Tryed. Businesses can use Treyd to extend the payment terms on their supplier invoices by up to four months.
“Rather than going to suppliers and trying to get 120 days of credit terms, which as an SME is pretty much impossible, you can use Treyd to get those types of credits on your supplier invoices,” explained Ben Ingram, Treyd’s head of UK and Ireland partnerships. “Your suppliers still get paid up front, so you can keep that healthy relationship.”
The launch in Ireland will mean further growth for Tryed, which has seen its customer base grow 500 per cent and 1000 per cent growth in the invoices financed. More than 600 SMEs throughout Northern Europe have signed up with the company.
“In a growing economy, businesses need funding to grow. What’s happening right now is banks and investors aren’t necessarily comfortable with the risk that’s in the market. Banks are tightening credit processes, overdraft facilities aren’t easily accessible, VC funding has kind of dried up, especially in the e-commerce space,” said Mr Ingram. “These companies that have great growth potential in Ireland, they don’t necessarily have the right funding solutions in place, and that’s why Treyd exists. We see a growing economy and a really exciting opportunity to help SMEs.”
Founded in 2019, Treyd currently employs more than 60 people and has offices in Sweden, the UK and Egypt. The company has raised $25 million in funding to date to support its growth. Although there are no firm plans to return to the market, the company said that it may continue to raise funding to support its growth. Further geographic expansion is also planned, although the company did not share where it plans to head next.
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