Leumi ABL backs Signify Technology Group with £5.5m facility

Leumi ABL has provided Signify Technology Group Ltd with a £5.5m cross-border receivables facility to support the company’s operations in the UK and the US.

The funding package covers both Signify Technology Group Ltd in the UK and its US subsidiary, Signify Technology Group Inc, and is intended to support the staffing firm’s continued growth on both sides of the Atlantic.

The facility operates through a single IT platform, with grouped facilities that apply uniform pricing and reporting requirements across the group, alongside a single relationship contact for the business.

Signify is a specialist recruitment company focused on software engineering, data and cloud roles, with offices in London, Los Angeles and Austin. Leumi ABL said its ability to provide a single invoice discounting solution across the group’s UK and US trading entities was a key factor in completing the transaction.

“It gives us significantly greater funding flexibility while simplifying our financing structure as we continue to scale across the UK and US. Leumi’s decision to partner with us is a strong endorsement of our performance, our ambition, and the way the business is run. It has been a pleasure working with Ryan Whitworth and the team on the deal.”

“Over the last 9 years the business has built a strong reputation in its field as a global provider of specialist IT talent. It’s been a pleasure to work with the management team to deliver this facility which provides a platform for them to grow further.”