Introducing GrowthLine

Since we launched Growth Street in November of last year, I have been thrilled to see the growth in the platform. We've built a stellar team, developed fantastic products, and most importantly we have delivered a great experience to our rapidly growing set of customers. As a founder my goal has always been that Growth Street be a partner in our customers' growth, and I'm happy to see how far we've already come. 

With that in mind I am pleased to introduce GrowthLine, our new working capital solution for growing businesses which combines the flexibility of an overdraft with access to additional capital through our unique take on invoice finance.

So what is GrowthLine and why should I be interested?

GrowthLine gives you two ways to borrow which can be combined through the same facility for maximum effect:

  1. A flexible revolving credit facility which works like a bank overdraft.
  2. The ability to borrow directly against selected invoices you issue to your customers.

With a GrowthLine you can combine these to borrow anywhere from £1000 - £500,000, and you'll only pay for what you borrow, while you borrow it. All interest and fees are levied only on active borrowing, so you won't pay anything up front to set up a GrowthLine. Individual rates will vary depending on your business, but range from 0.6% to 1.65% per month including all interest and fees.  Regardless of how you borrow, the cost is aways the same.

Why have you created GrowthLine?

At Growth Street we are constantly listening to our customers.  We are fortunate to be a young and agile company, and when we hear common problems we help our customers find a solution

One of those problems was finding access to extra capital during periods of fast growth.  Many of our customers use Growth Street to finance their working capital, but when they are growing particularly quickly or deliberately going through a period of low profitability, we were not always able to provide all the capital they needed through our overdraft product.  That’s why we started offering a flexible invoice finance product on a discretionary basis.  This has proved so popular that we decided to incorporate invoice finance as a core part of our product.

After much innovative legal and product design work, we’ve developed a unique form of invoice finance which sits alongside your existing overdraft facility.  Once you’ve added a verified invoice to your account, your facility limit increases for the duration of the invoice, and you are free to drawdown and repay funds just like your overdraft.  Of course you only pay for the funds you use, for the time you use then.

This launch is just the beginning.  We have a series GrowthLine updates launching this year that will make it even easier to access the capital you need and integrate the service into your workflows.

How can I get access?

The sign up process is as simple as signing up and filling in the short form. We will use the information you provide and your requested amount to determine the best way to achieve your goal. The process is designed to be flexible, and the more information you can supply, the more easily we can serve you what you need.

We set up Growth Street to offer fair, flexible, finance and create great tools for growing businesses, and with GrowthLine we continue to do just that. 

Written on in Product
Chief Executive Officer