Financing provided by SVB's National Fintech
Practice and Trinity Capital Inc. (Nasdaq: TRIN)
SAN
FRANCISCO, April 9, 2024 /PRNewswire/ -- Silicon
Valley Bank (SVB), a division of First Citizens Bank, along with
lending partner Trinity Capital Inc. ("Trinity"), today announced
that it has provided a $125 million
warehouse facility to fintech infrastructure startup, Parafin.
Recently named to the 2024 Fintech Innovation 50, Parafin
helps companies, such as marketplaces, vertical SaaS, and payment
processors, launch and embed financial services for their
sellers.
Provided by SVB's national fintech practice, the financing
facility will support Parafin in providing capital to
businesses on premier platforms such as DoorDash and Amazon.
Parafin employs a machine learning-based underwriting model based
on sales performance to determine eligibility and create
personalized financing offers. Since Parafin's launch in 2020, it
has served tens of thousands of businesses and extended
$5 billion in offers.
Sahill Poddar, CEO of Parafin, shared that "Small businesses
often face barriers to financing. Parafin's goal is to help them
overcome those challenges, and get them the capital they need.
We're thrilled to partner with SVB and Trinity, which will expand
our financial service offerings and capacity to supply sellers with
fast and flexible financing to scale their businesses."
"Parafin is helping sellers, creators, and entrepreneurs bridge
their cash flow needs, invest in their growth, and focus on what
they do best: running their business," said Brian Foley, Market Manager for SVB's Warehouse
and Fintech group. "SVB is proud to continue our strong
relationship with Parafin and provide them with the financial
solutions and advice they need to grow and help more business
owners."
"We're proud to partner with the teams at Parafin and SVB to
provide this warehouse financing facility," said Steven Lambe, Managing Director, Warehouse
Lending at Trinity Capital. "Parafin's impressive financing
platform will continue to empower small and medium sized businesses
with flexible capital solutions."
As a leader in serving the fintech industry, SVB provides
fintech clients with specialized banking services, specialty
financing and payment solutions including venture debt, warehouse
lending, payment processing, and APIs.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is
the bank of some of the world's most innovative companies and
investors. SVB provides commercial and private banking to
individuals and companies in the technology, life science and
healthcare, private equity, venture capital and premium wine
industries. SVB operates in centers of innovation throughout
the United States, serving the
unique needs of its dynamic clients with deep sector expertise,
insights and connections. SVB's parent company, First Citizens
BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial
institution with more than $200
billion in assets. First Citizens Bank, Member FDIC. Learn
more at svb.com
About Trinity Capital Inc.
Trinity Capital Inc.
(Nasdaq: TRIN), an internally managed business development company,
is a leading provider of diversified financial solutions to
growth-stage companies with institutional equity investors. Trinity
Capital's investment objective is to generate current income and,
to a lesser extent, capital appreciation through investments,
including term loans and equipment financings and equity-related
investments. Trinity Capital believes it is one of only a select
group of specialty lenders that has the depth of knowledge,
experience and track record in lending to growth stage companies.
For more information, please visit the Company's website at
www.trinitycap.com.
About Parafin
Parafin is a full-stack embedded
financial services company. Parafin enables platforms to provide
financing to businesses by abstracting away the complexity of
capital markets, underwriting, originations, servicing, compliance,
and customer support. In less than 3 years, Parafin has partnered
with Amazon, DoorDash, and more platforms to serve tens of
thousands of businesses and extended $5
billion in offers. By powering the financial services of
marketplaces and payment processors, sellers are able to manage and
scale their businesses in evolving economic conditions. Parafin was
founded in 2020 by Sahill Poddar, Ralph
Furman, and Vineet Goel and
is backed by Ribbit Capital, Thrive Capital, and GIC.
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SOURCE Silicon Valley Bank