Fintech infrastructure startup Parafin secures $125m warehouse facility from SVB and Trinity Capital
Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital (Trinity), announced 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: "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."
Steven Lambe, Managing Director, Warehouse Lending, Trinity Capital: "We're proud to partner with the teams at Parafin and SVB to provide this warehouse financing facility. 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.
Brian Foley, Market Manager, SVB: "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. 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."
Interviews.
[Interview] Caroline Mutuku, General Manager, Glovo, Kenya
Caroline Mutuku is Kenya's General Manager of multi-category app Glovo. Caroline joined Glovo in December 2022 from Swvl Kenya where she also served as the General Manager from December 2021. In this interview...read more here
[Interview] Renate Swanepoel, COO, INC. Networking
Renate Swanepoel is an entrepreneur, global networker and inspirational speaker that has helped thousands of people around the world to find their purpose. She has gained significant networking and communication...read more here
[Interview] Anne-Marie Chidzero, Chief Investment Officer, FSD Africa
Anne-Marie Chidzero is the Chief Investment Officer at the Financial Sector Deepening Africa (FSD Africa) Investments. In this interview, she talks about the risks and opportunities in backing Africa’s early-stage startups...read more here
[Interview] James Kilpatrick, Chair, Gravitilab, UK
Gravitilab is a "Space as a Service" business providing research, testing and qualification facilities to space agencies, government, academia and commercial enterprises. The company’s Chair and Chief Finance Officer...read more here
[Interview] Ramanjeet Singh, CEO, Woosper, USA
Woosper is a US-based digital advertising and marketing agency focused on creating experiences that help clients discover their place in the digital world. The CEO Ramanjeet Singh...read more here