Fintech software developer, TIM Group, has secured a £2 million finance package from Barclays, to enable the company to continue investing in product development and tap into new sources of revenue. The deal is made up of a £1.5 million term loan and a £500,000 overdraft facility.

Founded by Richard Koppel and Colin Berthoud in 2005, the company formerly known as YouDevise Limited was rebranded as TIM Group in 2011, to reflect its core product offering, TIM Ideas. With 80 staff and offices in London, New York, Hong Kong and Boston, it now serves 280 brokerages and 370 hedge funds and asset managers.

TIM Ideas is a software platform used by stock brokers to submit trade ideas to their clients, investment managers. It provides a structure on which the investment managers can fairly reward their brokers for their ideas. It also allows investment managers to tailor the types of ideas that they receive, based on their specific investment portfolio.

TIM Investor, TIM Group's newest product, is an investment decision support platform, providing investment managers with daily stock analytics and a stock price-change indicator, helping them to assess which stocks to invest in and when the optimal time is to do so.

Rob Bernstein, CFO of TIM Group commented: "We've been working hard to develop our client product offering, which is beginning to open up new revenue streams with our existing client base, and making us an even more attractive proposition to new customers. The initiatives we have undertaken have resulted in significant revenue growth since the very first brokers bought licences to use TIM Ideas in 2005."

Piers Deppe, Relationship Director in Barclays' Technology, Media and Telecoms team said: "TIM Group has proven to be a well-run and operated company. Their new term debt facility supports their company growth plans and vision which we are fully supportive of. The portfolio of products TIM Group offers its customers is now an integral component of the broker/investor relationship.

"With an impressive client base, strong management team, and an excellent CFO in place, the company is firmly on track to achieve its future growth objectives."

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