NEW YORK, Sept. 24, 2020 – Finitive, a private credit platform providing institutional investors with direct access to alternative lending investments, today announced that QuadPay, the US-based payment installment platform, 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 secured the facility through Finitive’s direct lending platform.
QuadPay will use the credit facility to expand its buy now, pay later (BNPL) business to new merchants throughout the US. QuadPay partners with merchants to allow their customers to pay via installments for merchandise purchased online or in-store. 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’s facility was structured in a special purpose vehicle secured by the company’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.”
“This transaction is a great example of how Finitive’s platform is uniquely designed to match companies seeking private credit investments with institutional investors - bringing parties together that may not have found each other through traditional channels,” said Jon Barlow, CEO of Finitive. “We’re thrilled to have facilitated this debt facility between QuadPay and two strong institutions.”
Finitive simplifies the legal, administrative, research, due diligence and closing process for both capital seekers and investors. Finitive’s platform matches institutional investors to a broad spectrum of companies and non-bank lending sectors, such as online lending, specialty finance, marketplace lending and private credit funds, based on parameters such as asset class, loan size, capital structure, target yield range and geography. Institutional investors access highly vetted data rooms and due diligence materials through Finitive’s platform without paying any fees. Companies seeking debt capital and institutional investors seeking opportunities can sign up for potential matching on Finitive's website, www.finitive.com.
Finitive is a financial technology platform providing institutional investors with direct access to private credit transactions. Through Finitive, institutional investors access a multi-trillion-dollar market that encompasses a broad spectrum of non-bank lending sectors, including specialty finance, online lending, marketplace lending, and private credit funds. Finitive’s originator partners gain efficient access to a global network of investors who are actively allocating to private credit opportunities. Since its founding in August 2017, Finitive has facilitated over $2 billion in capital commitments from its investor network. All regulated activities are conducted through North Capital Private Securities, a registered broker-dealer and member FINRA/SIPC. For additional information, please visit Finitive’s website at www.finitive.com.
QuadPay (ASX: Z1P) is a leading US-based installments platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit. QuadPay is reinventing the payments landscape with its focus on innovation and customer-centricity, enabling more than 1.8 million customers to pay in four interest-free installments over six weeks. The company's market-leading app, which has been downloaded over 2.3 million times, enables seamless integration for merchants and the ability for customers to shop online and in-store interest-free, not just with QuadPay's 4,700 integrated merchants, but with leading global retailers. For more information, visit: www.quadpay.com.
JConnelly for Finitive