The joint entity will be one of the few multi-channel financing platforms offering credit solutions tailored to all stages of small business growth
Camino Financial and Fundation will combine to create a new, full spectrum SMB lender providing credit solutions to fund the growth of small businesses. Camino Financial, a community-driven lender offering credit solutions to overlooked or minority-owned businesses is acquiring Fundation, a premiere, tech-enabled lender to small-and-mid-sized businesses (“SMBs”) and specialist in bank channel partnerships.
LL Funds, a Philadelphia-based private equity, direct lending, and asset-backed securities investment firm, led the deal and will be the financial sponsor of the company during its next phase of growth. Shivraj Mundy and Putnam Coes, both Partners at LL Funds and current Camino directors, will continue as Directors of the combined company, with Shivraj Mundy serving as Chairman of the Board. Community Investment Management (“CIM”), a leading impact investment firm and funding partner to both Camino Financial and Fundation, played a pivotal role in facilitating the merger.
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“The small business lending space represents a vast opportunity to serve a critical but underrepresented section of the U.S. economy. With $250 million of combined equity and debt capital, the combination of Camino and Fundation is ideally positioned to provide a broad set of credit solutions to serve this segment,” Shivraj Mundy, LL Funds.
“In an environment of tightening financial conditions and higher interest rates, innovating better solutions for small businesses is essential for US economic growth and employment. The talents of the combined company and the ongoing commitment of its partners Community Investment Management and BankUnited will accelerate this progress.”  Putnam Coes, LL Funds.
“As long-term capital providers to both Camino and Fundation, CIM is pleased to have worked closely with LL Funds to enable this transaction and the continued progress in SMB lending the combined company will lead.” Jacob Haar, Co-Founder and Managing Partner of CIM.
The merger brings together two strong leaders in their respective market segments to address the pressing need for accessible and inclusive financing solutions for small businesses. Both firms have been pursuing this mission independently for over 10 years, collectively funding tens of thousands of small businesses and growing rapidly post-Covid. The Company will offer best-in-class lending solutions and will be one of the few independent, full-spectrum, multi-channel financing providers in the SMB space.
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“I want to thank LL Funds and CIM for giving us an opportunity to build upon our current business models to responsibly serve small business owners. Beyond the synergies of channels, products and customer operations, the merger of Fundation with Camino will set the stage for innovating in the credit ecosystem. I could not be more excited to work with all our stakeholders towards creating substantial value for the small business community.” Sandip Nayak, President & Founding Member of Fundation, LLC.
Mickey Konson will become CEO of the combined entity and join the Board of Directors. Konson brings over 25 years of experience in finance, technology, and small business lending. Previously, he served as a senior executive at Capital One, and co-founded SMB lender and SAAS platform StreetShares Inc., which was acquired in 2022 by Meridian Link. More recently, he was a Senior Advisor at 2nd Order Solutions, where he consulted globally with Banks and FinTech companies.
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