Dwight Funding, a New York-based lender, has received a $100m asset-based revolving credit facility from private and commercial bank IDB Bank.
The FinTech company claims to have been one of the first capital providers to focus on high growth, digitally native brands. It also declares that it leads the broader consumer packaged goods (CPG) space, through asset-based lines of credit and equipment financing.
It will use the financing to bolster its growth and invest into its technology.
IDB was the sole lead arranger and administrative agent for Dwight’s facility.
IDB bank head of New York commercial banking Lissa Baum said, “We are very pleased for the tremendous opportunity to agent a credit facility for Dwight Funding, as they continue to distinguish themselves through their exceptional management team and a proven formula for success.
“We are proud to expand our leadership role in the lender finance space with the closing of this new syndication.”
One of the lending methods that Dwight Funding offers is asset-based lending. This means it will offer a flexible line of credit by leveraging the company’s assets to fuel growth. The FinTech company offers credit lines between $250,000 and $10m, with A/R advance rates up to 85% and inventory advance rates up to 65%.
Another method of lending offered by Dwight Funding is equipment financing. The firm allows companies to leverage the value of their equipment and machinery to fund CapEx, without diluting ownership.
In other lending news, UK-based ethical lender Plend closed a £40m seed round earlier this year. The company, which was launched in July 2022, offers affordable loans ranging from £1,000 to £10,000, with up to 25% APR.
Another lending company to recently raise capital was Haven. The company, which helps unlock value for mortgage servicers and subservicers, raised $8m.
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