A US-backed provider of alternative finance said it would provide up to €100m in funding to growth-focused Irish companies over the next three years. 

Upstream Working Capital has opened an office in Sandyford Business Park in Dublin with a funding pot which has the potential to support transactions of up to €10m per client.

The company began supporting the Northern Irish SMEs in 2011.

It secured substantial backing from a major US-based shareholder in spring 2019, which helped it fund companies internationally in locations including North and South America.

The company said that working capital availability, to fulfil orders and fund continued sales growth is often the limiting factor for businesses.

It said it provides solutions to deliver the necessary cashflow to fund growth as part of a company's overall funding mix.

Aidan Dolan, Head of Business Development in Upstream's Dublin office, said the company sees great opportunities as Ireland is set to be the strongest growing euro zone economy in 2020

"Notably most businesses within the SME space are planning to invest and employ more people in 2020. We want to support these companies with their investment and growth plans," Mr Dolan said.