After a shaky 2019 and recently suffering markets, London-based company 7digital have been handed a lifeline to help them continue operations.
The unnamed lender has handed over a £500,000 ($643k) 12 month loan, with interest at 1.5%/month. 7digital say this will help the company re-establish itself, become profitable and grow into 2021, with funding used to expand current deals and bring in future partnerships. The company currently have agreements with major players such as Universal Media Group, Sirius, Yahoo and BBC.
A rocky 2019 paired with the coronavirus affecting all markets, 7digital’s stock has severely suffered dropping by nearly 50% since January, from .52GBX to .31 GBX. Hopefully this loan is what the company needs to prosper going forward.