Data solutions specialist Fusion Experience have gained a £500,000 peer-to-peer loan from RateSetter Business Finance, allowing the company to transform its business model.

Fusion, which is a business and technology services company that helps its clients to build platforms and applications to meet specific needs, operates primarily in the investment, insurance, telecommunications sectors. The money has helped the company win several new contracts and to complete its transformation into a product-led business.

CEO Steve Edkins commented: “Following the loan, we have gone on to secure a 30 percent uplift in revenue from a flagship European client which has recently acquired two new large businesses and agreed to consolidate all the businesses on to the Fusion product. We have also opened up a whole new industry sector by adding a large water utility to our client list. In addition, Fusion itself has recently picked up two prestigious awards in the UK IP100 league tables for SMEs.”

Steve Edkins added: “Understanding our business was important and it was refreshing to know that the RateSetter team was willing to give the time and energy to come and visit us to establish our precise requirements. All the necessary due diligence was carried out in a positive manner and I was kept fully informed at every stage of the process.”

David Hales of RateSetter said: “After a meeting with Fusion directors, I could see that, while Fusion’s loan requirements were complex, it was a business with a clear growth strategy and excellent potential.”