Capchase, which offers a SaaS and recurring revenue financing platform, has reportedly bagged $60m in an asset-backed credit facility.
The funds, which were supplied by i80 Group, will be used to grow the number of startups it works with, according to a report from TechCrunch. Funds will also be used to the amount of revenue prepayment it could offer to clients.
Capchase helps companies to get access to cash for customers that do not pay upfront, helping them to unlock money tied to periodic instalments. Through the platform, a merchant can offer their customer a periodic instalment system, without having to wait for the cash.
The FinTech previously netted $4.6m in a seed round last year, with the capital coming from Caffeinated Capital.
Earlier in the year, Affirm completed the acquisition of fellow buy now and pay later PayBright. The deal sees the two platforms merge, enabling Affirm to expand its reach and scale to offer a deeper network for merchants and customers in the US and Canada.
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