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October closes $300 million in new funds for its SME lending marketplace

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French fintech startup October has raised some fresh capital to invest in small and medium companies on its lending platform. Overall, the company has gathered $300 million (€258 million) from various partners that will be deployed over the next few years.

This is not a traditional startup funding round as today’s new investment is specifically designed to finance new loans on its platform. October isn’t selling equity in exchange for capital.

October works with small companies in France, Spain, Italy, Netherlands and Germany that need a credit line. For small and medium companies, you can apply for a loan and get an answer just a few days later. October evaluates risk before handing out loans thanks to industry-specific data analysis and human analysts.

Loans range from €30,000 to €5 million. There’s no personal guarantee and interest rate varies depending on the risk associated with your application.

On the other side of the marketplace, individuals can contribute to SME financing. But the startup has been relying more and more on institutional investors looking for different types of assets to diversify their investment portfolios.

Hence today’s new influx of cash. Here’s the full breakdown:

  • $23 million (€20 million) will be used for traditional SME loans with monthly repayments.
  • $44 million (€38 million) will be deployed in the tourism industry specifically — hotels, restaurants and more. Six insurance companies and French public sector financial institution CDC are contributing to this fund. Companies applying for loans in this category can delay repayment.
  • $232 million (€200 million) will be injected in Italian SMEs in particular. Italian bank Intesa Sanpaolo Group is investing exclusively in this fund. Those government-backed loans will go live quite rapidly as everything will be deployed by the end of 2020.

As you can see, October is becoming an important technological partner for European support plans during the economic crisis. The startup can issue government-backed loans and some public institutions are choosing October to finance SMEs.

Over the past five years, October has handed out around 1,000 loans. It represents $521 million (€448 million) in capital. That number will go up rapidly following today’s announcement.

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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