NEW YORK & DALLAS--(BUSINESS WIRE)--Fortress today announced the completion of a £750 million forward flow agreement with Tabeo, the largest provider of retail finance for primary care providers in the UK. The new debt financing with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) will support Tabeo’s continued growth and the acquisition of new enterprise customers.
Paul Ebert, CEO and Founder of Tabeo, said: “Our vision is to create a Shopify or Toast for primary care providers. Retail finance is an important product for our users. Fortress enables us to extend loans for 400,000+ new specialist cases across dental, hearing, optical and veterinary care.”
Ola Eriksson, Managing Director, Fortress Investment Group, said: “We are very pleased to provide a capital solution to Tabeo that will help the company support consumers with convenient and affordable access to credit. We are excited to work with Tabeo and see great potential for the continued growth of their integrated platform model.”
Today, Tabeo works with over 20,000 dentists across the UK. It is a vertical SaaS platform that brings together important payment and administrative tools for primary care providers. Tabeo’s product offering includes retail finance, card processing, direct debits, payroll and professional indemnity insurance. Patient finance for primary care in the UK is expected to grow to £1,000+ million per year by 2030. The shift to self-pay financing is still accelerating and limited insurance cover is heightening the need for flexible finance solutions for consumers. Since its launch in 2018, Tabeo has processed over 500,000 loan applications.
The Fortress Asset-Based Credit business provides capital solutions to specialty finance companies, lending against and investing in a broad spectrum of consumer receivables, small commercial receivables and other contractual cash flow streams. With over two decades of experience as an active investor in the space, the team focuses primarily on originating businesses in the US and Europe with an asset class agnostic approach.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $48.0 billion of assets under management as of December 31, 2023, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
