Citi has announced that it has sold Bridge, its online lending marketplace for SMEs, to Foro Holdings.
As part of the deal, is set to join the Charlotte-based commercial lending service provider’s investors, including TTV Capital (TTV), US Bank and Correlation Ventures in an additional capital investment in to support the continued growth of Foro’s business.
Foro will use the new capital investment to scale the business and expand the services it provides to SMEs, local and regional banks, community banks, Community Development Financial Institutions (CDFIs) and non-traditional lenders.
Bridge co-founder Rohit Mathur, commented on the deal, stating: “We developed Bridge to simplify and modernise the lending process for both borrowers and lenders.
“Our goal is to democratise access to capital for SMBs by providing a digital tool to connect with a range of lenders, while offering lenders a more efficient prospecting process and a way to expand their reach without having to build their own infrastructure.
“With the support of Foro, Bridge will continue to grow and provide innovative solutions for the lending market.”
Both Mathur, and fellow Bridge co-founder Harte Thompson, who collectively have 20 years of experience at Citi, have been named chief executive officer and chief operating officer of Foro, respectively, as part of the acquisition.
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