SAPI raises a £60m credit line & equity package led by Hudson Cove to offer SMEs flexible payment-linked financing

SAPI, the payment linked financing platform has raised £60 million in a package comprising approximately £55 million in debt and £5 million of equity. The funding will be used to scale SAPI’s repayment at source technology and expand its global footprint.

The round was led by Hudson Cove, a U.S based alternative credit asset manager, marking one of the firm’s inaugural UK transactions as it looks to expand beyond the United States, and received continued significant support from existing equity investors, Triple A Capital and Passion Capital. The term sheet for the credit facility was signed just 17 days after the first investor meeting, underlining investor confidence in SAPI’s approach to embedding lending within payment flows.

SAPI was co founded by Mai Le, formerly of Goldman Sachs, and Alexis van Lennep, formerly of AlixPartners. The company already supports major payment partners in offering embedded credit, and has advanced more than $40m to small businesses, 90% of which are immigrant or woman owned.

Access to finance remains a persistent challenge for small firms. In the UK, the share of smaller businesses using external finance fell from 50% in late 2023 to 43% by mid 2024, with micro and minority led companies the hardest hit.

Embedded finance is expanding rapidly across Europe. According to McKinsey, the embedded finance market (including lending and other financial services delivered through platforms) generated an estimated €20–30 billion in 2023 and could exceed €100 billion by 2030, accounting for up to a quarter of retail and SME lending.

SAPI’s mission is to make access to finance fair, effortless and inclusive, particularly for small and micro businesses underserved by traditional lenders. As small businesses increasingly rely on digital payment systems, many payment providers are looking for ways to provide credit to their business customers.

SAPI provides the infrastructure that makes this possible, embedding lending directly into payment flows and collecting repayments automatically as companies get paid. Its technology and payment linked capabilities expand credit access for independent retailers, hospitality businesses and e commerce sellers, removing the red tape of traditional finance and reducing lengthy waiting times.

Mai Le grew up in a small village in Vietnam before building a career in global finance, where she helped build and scale several lending programmes totalling more than £10 billion at Goldman Sachs in London. Her journey from rural beginnings to fintech founder embodies the company’s mission: breaking barriers to financial opportunity.

With offices in Hanoi and London, SAPI has recently established a financial technology entity in Vietnam to accelerate growth across Asia Pacific markets.

This funding round lets us scale payment linked financing that repays at source and reaches more business owners who are too often overlooked by traditional lenders. Access to capital can define what’s possible for a business or entrepreneur. Too often, start ups and small companies, frequently founded by women or immigrants, are denied credit at a crucial moment in their journey. SAPI exists to make that access fair, effortless and available to those who deserve it.

Mai Le, Co-founder & CEO

By partnering with payment platforms, we can meet business customers where they already operate. Our aim is to make access to capital as straightforward as taking a payment.

Alexis van Lennep, Co-founder & CCO

Hudson Cove is very excited to partner with SAPI as it redefines how embedded finance is delivered, better connecting funding providers with high potential small businesses that are too often overlooked by legacy players. SAPI’s impact led model also aligns perfectly with our investment philosophy and builds on our existing work supporting women and minority owned organisations.

Fred Wang, Co-founder at Hudson Cove

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