DueCourse, a fintech startup in the crowded invoice financing space has gone into administration less than a year after pulling in a £6.5 million funding round.
Founded in 2014, the Manchester-based firm called in administrators Leonard Curtis earlier this month.
“We have decided to close one of the companies in the group as part of a planned restructure. Customers haven’t been affected,” one of the three co-founders, Paul Haydock, told TechCity News.
Linking to a company’s online accounting platform, DueCourse’s software was designed to assess and unlock cash tied up in unpaid invoices.
DueCourse raised £1.25m in equity funding and £5m of debt finance in September last year, moving in to swanky new office space in central Manchester and eyeing up a further £10-15 million raise in the coming months.
Prominent backers included founders and investors in Zoopla, LoveFilm, TransferWise and LinkedIn.