equipal secures £16m funding from Altum Capital Management

Business equipment funding fintech equipal has secured a £16.25m combined equity investment and forward flow funding from Altum Capital Management.

The deal will allow equipal to provide asset finance on purchases of up to £250,000, including commercial vehicles.

It comprises a £1.25m equity investment and a £15m forward flow facility.

Flexible terms are offered to businesses, while agreements can be up to five years.

equipal utilises a fully digital, integrated platform to make arranging asset finance faster and easier.

The company said the funding will support its continued growth, including hiring across operations, business development, credit, data and marketing.

Eamonn McMahon (pictured), founder of equipal, said: “I’m thrilled to get this deal over the line. While the market environment has been challenging, our operating resilience and discipline on credit, while keeping the customer front and centre, has helped us get here.

“The structure of this deal allows for additional scale with senior funding in the years ahead and critically, provides us with operating flexibility.