Small business lending startup Fundation has secured a $100m asset-backed credit facility from Wall Street giant Goldman Sachs.
“We are excited to have garnered Goldman Sachs’ support This transaction further strengthens our balance sheet and reinforces our unique position in the small business lending marketplace,” said Fundation CEO Sam Graziano.
The New York-based startups says the financing will be used to accelerate growth by increasing its loan capacity.
Fundation partners with traditional lenders and banks, allowing them to leverage its online platform to offer loans to small businesses.
The company already holds strategic partnerships with Regions Bank, Alliance Partners, the manager of a 200-member community bank network and the Minority Business Development Agency, a division of the United States Department of Commerce.
Fundation previously raised $2.73m in a Series A round from investors including Garrison Investment Group and Angel Street Capital.
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