DETROIT--(BUSINESS WIRE)--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.
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.
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.
“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.
Credibly is a data science-driven fintech lending platform which improves the speed, cost, experience, and choice of capital to SMBs. The company provides balance sheet, syndication, and off-balance sheet funding options, while offering its partners access to its robust data science capabilities.
Founded in 2010, Credibly has provided more than $1.5 billion in capital to SMBs, while maintaining a strong emphasis on risk management and a culture of compliance. In 2017 Credibly became the first company in its space to acquire servicing rights to another alternative lender’s portfolio ($250M). Credibly was chosen for its proven approach in measuring and managing risk. Since then Credibly has sustained its growth, maintaining operations throughout the entirety of the COVID-19 pandemic, and continuing on to post record origination numbers.
Credibly’s headquarters are in Southfield, Michigan, with offices in New York and Arizona. For more information, please visit www.credibly.com.