Equipal provides invoice financing and working capital solutions for SMEs in the sports and leisure sector.
$20.6M
Investor undisclosed
A $20.6M Series B for SME invoice financing in sports/leisure signals that niche vertical fintech is still fundable if you can prove unit economics in a defensible segment—but the bar is higher than 2021. Equipal's likely using this to scale underwriting automation and geographic expansion rather than burn cash on customer acquisition. If you're building fintech for fragmented industries (hospitality, construction, creative services), watch how they handle churn and whether they can actually make money on 5-10% of SME invoices.