Eight Capital Partners PLC raises £0.5mln in new funding from main
Eight Capital Partners PLC (AQSE:ECP) announced a £0.5mln unsecured loan facility with its main shareholder IWEP Ltd.
The loan has an initial term of 12 months with interest payable at an annualised rate of 4.5% and is available for immediate drawdown, the fintech group said in a statement. It intends to repay the loan by raising new equity capital.
The loan will be used to fund the company’s fintech growth strategy.
READ: Eight Capital swings into profit, to focus on fintech
Eight Capital announced in September that it would switch from being an investment vehicle to becoming a financial services operating company. The change of strategy accompanied news of a comprehensive balance sheet restructuring and the appointment of a CEO.
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