FreshBooks secures $100m in syndicated debt facility

Accounting software platform FreshBooks has secured $100m in a syndicated debt facility from BMO Financial Group and JP Morgan.

The facility also includes an uncommitted accordion feature of $25m, for a total borrowing capacity of up to $125m.

This debt facility will enable FreshBooks to continue its rapid global expansion plans, including strategic acquisitions and investment into more regulated markets.

The company offers cloud-based accounting software that simplifies invoicing, expenses, payments, payroll and financial reporting.

FreshBooks chief financial officer Michael Washinushi said, “This increase to FreshBooks’ debt facility strengthens our balance sheet and gives our team the financial flexibility to move efficiently and with confidence.

“Working with partners such as BMO and JPM, further enhances FreshBooks’ ability to support small business owners globally.”

Speaking on the deal, BMO Financial Group director Christopher Jackson said, “We’re proud to continue our support of FreshBooks, a partnership that helps to drive progress for both our teams and customers.

“FreshBooks’ mission-driven team continues to accomplish great things in service of the growing small business and self-employed market. This debt facility will boost the team’s ability to move efficiently and capture more market share around the globe.”

The FinTech company previously raised $80.75m in its Series E funding round, which closed in August 2021.

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