QuadPay, which will use the facility to expand its buy now, pay later business to new merchants across the US, secured the line of credit through the Finitive private credit platform
High-growth, US-based payment installment platform QuadPay announced that it has secured a senior secured committed revolving line of credit of up to $200 million from Goldman Sachs, with mezzanine financing provided by Oaktree Capital. QuadPay will use the credit facility to expand its Buy Now, Pay Later (BNPL) business to new merchants throughout the United States.
Read More: tZERO Appoints Former Nasdaq EVP John Jacobs to its Board of Directors
“The global BNPL market is expected to grow significantly as retailers leverage alternative payment services to reach more customers. “We are thrilled for this financing partnership with Goldman Sachs and Oaktree Capital to assist our growth and continued participation in this trend”
Founded in 2017, QuadPay was an early entrant into the US BNPL market and has since seen rapid growth, with customer numbers increasing by 33% in the last quarter alone. QuadPay partners with retailers to allow their customers to pay via installments for merchandise purchased online or in-store. Earlier this month, QuadPay recently merged with Zip Co Ltd (ASX: Z1P), to create a $2 billion global payments business. The combined entity has over 4 million customers and 26,000 merchant partners.
QuadPay secured its credit facility from Goldman Sachs and Oaktree with advisory from Finitive, leveraging their direct lending platform. The facility was structured in a special purpose vehicle (SPV) secured by QuadPay’s existing installment receivables portfolio.
“The global BNPL market is expected to grow significantly as retailers leverage alternative payment services to reach more customers. “We are thrilled for this financing partnership with Goldman Sachs and Oaktree Capital to assist our growth and continued participation in this trend,” said Adam Ezra, co-CEO of QuadPay. “We are also particularly pleased to be completing this transaction despite being in the middle of a pandemic and are grateful to Finitive who assisted from the commencement of our process.”
