French fintech startup October has raised some fresh capital to invest in small and medium companies on its lending platform. Overall, the company has gathered $300 million from various partners that will be deployed over the next few years.
This is not a traditional startup funding round as today’s new investment is specifically designed to finance new loans on its platform. October isn’t selling equity in exchange for capital.
October works with small companies in France, Spain, Italy, Netherlands and Germany that need a credit line. For small and medium companies, you can apply for a loan and get an answer just a few days later. October evaluates risk before handing out loans thanks to industry-specific data analysis and human analysts.
Loans range from €30,000 to €5 million. There’s no personal guarantee and interest rate varies depending on the risk associated with your application.