Private investing platform Cadence has rebranded to Percent alongside the close of a $12.5m Series A round.
White Star Capital and B Capital co-led the round. Participation also came from Revel Partners and Recharge Capital.
With this capital, the FinTech hopes to accelerate the development of its infrastructure to better support its pipeline of over 250 data-driven originators and $2bn in pending transaction volume.
Launched in 2018, the company provides technology to help investors, issuers and underwriters access asset classes in private capital markets.
The platform has more than $400m in investments structured and issued across its investor platforms, with over 200 deals closed and $6m in interest disbursed to investors.
Percent founder and CEO Nelson Chu said, “As the company evolved and our broader vision changed, the ties that bound us to the name Cadence became few and far between.
“The world thinks in the form of percents when it comes to measuring returns, tracking ownership, and monitoring performance. In this way, Percent embodies our past, our present, and our future in just a single word and I couldn’t be more excited to see how we grow into the new brand.”
B Capital Group general partner Karen Page said, “The private credit market has grown rapidly even without strong infrastructure or an established category leader.
“Investors have been getting by with subpar options in this space, but they’re increasingly demanding more insight into their high-yield investments. If the private credit market is to reach its trillion-dollar potential, it will be because a company like Percent helped bring it to maturity.”
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