FinTech Demica has closed a £22.8m financing round.

The Software-as-a-Service company manages working capital for over 500 large corporate multinationals financed by 50 global financial institutions.

The London firm has grown funded programmes from $3 billion to $16bn, established a commercial presence across Europe and North America and expanded its development centres in UK, India and Poland.

The Series C financing round was led by Simcah Management LLC.

Demica CEO Matt Wreford said: “The trend for working capital finance transactions to be managed on independent third party platforms has accelerated during 2019.

“All parties are looking for flexible financial structures that can be automated with best in class risk mitigation for funders.

“This investment round takes us another step closer to delivering this vision and transforming how working capital is financed globally.”

David Cohen, managing member of Simcah Management, said: “As an experienced investor in enterprise SaaS companies, I have been attracted for many years to the working capital finance market due to its substantial size and consistent growth rate.

“Demica is one of the very few credible platforms that has the potential to reach critical mass on a global scale.”

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