OneBlinc, a leading fintech company specialized in providing payroll loans for Federal employees, announced that it has secured a new $100 million credit facility with Clear Haven. This significant financial milestone aims to fuel future portfolio growth and refinance OneBlinc’s existing credit facility.
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This announcement comes at a challenging time for credit markets, where deals of this nature have become increasingly rare. Moreover, the deal follows closely on the heels of OneBlinc’s recent $20M Series A, led by Banco Bradesco, the third largest bank in Latin America and ninth largest in the world.
“Our partnership with Clear Haven reinforces the trust and credibility OneBlinc has cultivated,” shared Fabio Torelli, OneBlinc’s CEO. “This collaboration underscores our unwavering commitment to our clients and mission.”
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Mark Simmer, Managing Partner at Clear Haven, praised OneBlinc, stating, “Fabio has assembled an exceptional team at OneBlinc; we’re extremely excited to work with them as they build on their commitment to expand access to banking and financial services in underserved communities.”
The newly secured credit facility represents another significant step in OneBlinc’s expansion strategy. George Ermel, CFO at OneBlinc, expressed his satisfaction with the deal and shared his vision for the future: “This deal not only strengthens our financial position but aligns perfectly with our ongoing mission to serve those who need it most. We’re committed to delivering on our promise to our clients, and this partnership with Clear Haven puts us in an excellent position to continue that important work.”
OneBlinc’s strong financial backing, both from the credit facility and the Series A equity round earlier this year, enables the company to sustain its efforts in helping underserved clients, even during challenging market conditions. The company plans to leverage its recently announced partnership with Mintech, which provides rails for big data collection and processing, to double down on alternative credit models to maintain access to fair funding at scale.
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