Direct financial provider 365 finance has opened a base in Bristol as it looks to grow its share of the small and medium-sized business market in the South West.
The firm, which previously covered the region from its London head office, said demand had been rising in the South West for its revenue-based finance offering amid a strengthening market. 
Its core offering is a merchant cash advance product for small and medium-sized businesses seeking unsecured business funding from £10,000 to £400,000.
The product is designed as a quick way for any business that accepts credit and/or debit cards to raise capital, with 365 finance saying it is a fast and flexible alternative to a bank loan or overdraft
Earlier this year it gained a King’s Award for Enterprise for Innovation for its AI-powered automated underwriting and funding platform Rev&U, which significantly improves the speed and underwriting accuracy of funding for small businesses.
The Bristol office, which has a team of five, is led by 365 finance strategic partnerships director Chris Thorne, who went to school in the city and has 35-plus years’ financial services experience, specifically for card payments & associated services.
365 finance CEO Warren Abbey said: “We support SMEs across the whole of the UK, and traditionally have done so from our well-established London office.
“However, with rising demand in the South West for our Rev&U revenue-based finance, it has made sense for us to open our new secondary office in Bristol, which is yet another exciting development for us as a business this year.”
Chris Thorne added: “Bristol has developed into a bit of a FinTech hub in recent years, which is another reason why having more of a presence here works well strategically for 365 finance.
“Our expectations of the Bristol team include productivity doubling, as well as faster funding in the coming months.”
