Kaleyra, a rapidly growing cloud communications software provider delivering a secure system of application programming interfaces (APIs) and connectivity solutions in the API/Communications Platform as a Service (CPaaS) market, announced that its subsidiary, Kaleyra S.p.A., has entered into a general unsecured loan agreement with Intesa Sanpaolo, S.p.A. of Italy in the amount of $9.0 million (the Loan was disbursed in Euros for an amount of €7.9 million with an exchange rate equal to 0.87602 at the signing date July 16, 2020). Proceeds are being earmarked to help accelerate Kaleyra’s growth.
Read More: Banks Are Experiencing a Kodak Moment: Lessons Learned from a Fallen Giant
“We are pleased to have the support of such a well-respected lender like Intesa Sanpaolo”
The Loan Agreement has a maturity of 72 months from the date of disbursement and bears interest at a variable rate equal to the three-month Euribor plus a spread of 1.65%. The loan is to be repaid in 16 quarterly installments with a grace period of 24 months. The loan is guaranteed by SACE S.p.A., the Italian state-owned export credit finance agency, and is made pursuant to a program to address COVID‑19 and Italian Government support for Italian businesses.
Read More: Huobi Introduces Request for Quote for Electronic Trading and Voice Trading
An additional $6 million of funding from the same bank but with a guarantee from a second government agency is expected to be received by Kaleyra S.p.A. in the next few weeks.
“We are pleased to have the support of such a well-respected lender like Intesa Sanpaolo,” commented Dario Calogero, Kaleyra’s Founder and Chief Executive Officer. “As we continue to execute upon our strategy of building our communication platform/API, adding complementary products, technologies and customers, particularly in the U.S., we believe this influx of capital, when combined with the $32.75 million we secured in June, will be instrumental as we execute on our value-building initiatives.”
Read More: A Quick Review on Some of The Biggest Global Fintech Mergers & Acquisitions
