In March 2022, Credibly continued its investment in growth, refinancing a maturing $10 million Corporate Note into a new five-year term. The Note received a one notch rating upgrade from Egan-Jones to “BBB”. Brean Capital served as the company’s exclusive financial advisor and sole placement agent in connection with the transaction.
“We strive to be the best SMB financing solution”
This rated issuance improves Credibly’s cost of capital and strengthens its financial position as it continues profitable growth, while also demonstrating the company’s ability to manage risk for stable and consistent results when financing businesses not well-served by banks.
Latest Fintech News: Gateway Welcomes Kyle Hubbard as Division President of Retail Banking
This refinancing was followed with a new asset-backed financing facility with an insurance company which closed last month. This $50 million facility received an investment grade rating from Kroll Bond Rating Agency (KBRA) and will be used to fund Credibly’s small and medium-sized business (SMB) financing receivables.
“We are proud of Credibly’s pandemic response and the profitable growth that we continue to exhibit,” said Michael Seneski, Chief Financial Officer. “The cost savings resulting from the refinance, coupled with the new financing facility, further solidifies our position as a leader in providing capital to SMBs and will be used to accelerate our aggressive growth trajectory.”
Along with fueling continued growth in originations, Credibly is preparing to launch several new products and business initiatives to greatly expand its financial services offerings to small and medium-sized businesses. These initiatives will not only improve Credibly’s ability to support its current customer segment, but will also allow the company to serve an even wider array of SMBs.
Latest Fintech News: Corvia Expands Acquiring Sponsorship with MVB Bank Relationship
“We strive to be the best SMB financing solution,” said Ryan Rosett, Founder and Co-CEO. “ Reinvesting in our growth and expanding our product offering should prove to be effective in actualizing that vision.”
As Credibly continues to grow, the company remains focused on further refining its data science capabilities to serve an even broader range of SMBs throughout the credit spectrum, while maintaining its emphasis on risk management and a strong culture of compliance.
Latest Fintech News: Upstart Announces Upstart AI Lending for Salesforce on Salesforce AppExchange
[To share your insights with us, please write to sghosh@martechseries.com]
