OneBlinc, a prominent FinTech entity renowned for offering payroll loans to Federal employees, has proudly declared that it has landed a remarkable credit facility worth $100m with the esteemed Clear Haven.
This remarkable achievement has been orchestrated with the primary intent of propelling future portfolio expansion, coupled with refinancing the existing credit facility held by OneBlinc.
In a climate where credit markets are exhibiting increasing volatility, transactions of this magnitude are an unusual sight. Accentuating the significance of this deal is its close succession to OneBlinc’s prior attainment of a $20m Series A funding round, which was prominently spearheaded by Banco Bradesco, a banking titan ranking third in Latin America and ninth globally.
OneBlinc’s CEO, Fabio Torelli, expressed his sentiments regarding the new alliance, “Our partnership with Clear Haven reinforces the trust and credibility OneBlinc has cultivated. This collaboration underscores our unwavering commitment to our clients and mission.”
Clear Haven’s Managing Partner, Mark Simmer, reciprocated the appreciation, lauding OneBlinc: “Fabio has assembled an exceptional team at OneBlinc; we’re extremely excited to work with them as they build on their commitment to expand access to banking and financial services in underserved communities.”
The freshly inked credit agreement mirrors a significant leap in OneBlinc’s strategy for expansive growth. George Ermel, CFO at OneBlinc, voiced his contentment with the arrangement, emphasizing, “This deal not only strengthens our financial position but aligns perfectly with our ongoing mission to serve those who need it most. We’re committed to delivering on our promise to our clients, and this partnership with Clear Haven puts us in an excellent position to continue that important work.”
This fiscal year has witnessed OneBlinc’s financial foundation being bolstered, both through the credit facility and the earlier Series A equity round. This robust backing will empower the firm to persevere in their mission to aid underserved clients, even amidst adverse market dynamics. With their recent collaboration with Mintech, a frontrunner in big data collection and processing, OneBlinc is set to intensify its focus on alternative credit paradigms to sustain large-scale fair funding access.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
