Enfusion is a frontrunner in delivering cloud-native software-as-a-service (SaaS) solutions tailored for investment managers.
The company has successfully secured a new $100m revolving credit facility on September 15, 2023. Predominantly, the syndicate of Enfusion’s relationship banks, notably including Bank of America, N.A., are the lenders under this credit agreement.
With a distinctive edge in the market, Enfusion’s SaaS platform is revolutionary in dismantling conventional information barriers. It seamlessly merges the operations of front-, middle-, and back-office teams all on a single cloud-native system. Through its advanced software, comprehensive analytics, and extensive middle/back-office managed services, the company fosters cultures of on-the-fly, data-driven intelligence, thereby elevating agility and fuelling growth.
This newly acquired credit facility markedly augments the elasticity of Enfusion’s balance sheet. It provides them with a cost-effective capital source, which they plan to channel into furthering their expansion and exploring potential acquisition opportunities.
The credit agreement is structured to mature on September 15, 2028. Intriguingly, it incorporates an accordion feature, granting the possibility of an additional borrowing capacity of up to $50m, contingent upon meeting certain standard conditions. Notably, no loans from this facility were drawn at the time of its closing.
Enfusion Chief Executive Officer Oleg Movchan commented, “We are excited to close on the credit facility with Bank of America and the other syndicate members.” He further added, “This facility significantly enhances the flexibility of our balance sheet and gives us another cost-effective source of capital that we can use to invest in our growth and pursue potential acquisition opportunities.”
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