An alternative SME finance provider has secured a multimillion dollar credit facility from Goldman Sachs to meet customer demand.
Capify has secured a $135 million credit facility from the capital group to support its future growth plans and to provide working capital to thousands of Australian SMEs.
The Sydney-based fintech company has been active since 2008 and the new facility will accelerate the growth of the lending business through its business loan and merchant cash advance products.
Capify’s chief executive and founder David Goldin said the company was proud to celebrate this landmark financing.
“This is a landmark achievement for Capify and we are very pleased that we have secured this financing with Goldman Sachs, one of the premiere capital providers in the world,” he said.
Mr Goldin said the facility would allow the group to grow while provide much needed access to capital for SMEs.
“This new multiyear credit facility allows us to deliver on our own growth plans, whilst providing much needed access to capital for Australian SMEs to help them to grow, to boost the economy and to create jobs,” he said.
The facility helped to establish Capify as a major player in the space said Mr Goldin and proved the strength of the fintech.
“The credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to Australian SMEs.”
Goldman Sachs Private Capital’s executive Director Pankaj Soni said the group was impressed with the work undertaken by Capify and looked forward to supporting them.
“Capify is one of the leading SME finance providers in Australia. We have been impressed with the management team, business model and innovative finance solutions for SMEs. We look forward to supporting their growth in the years ahead.”
Australian Ethical has released its guidance for the 12 months leading up to June, expecting its full year underlying net profit after tax t...
The major bank has announced additional charges of $525 million after tax in connection with increased provisions for its customer-related r...
The Commonwealth Bank has advised that it will begin a reimbursement process to current and former staff for lost wages from next week. ...