Fora Financial, a prominent FinTech company providing financial solutions to small and medium-sized businesses (SMBs), announced today the closure of its third and largest asset-backed securitization (ABS) valued at $126.9m.
This transaction surpasses the company’s previous $90m deal completed in November 2021 and brings the total raised through securitization since 2019 to approximately $287m.
The funding was secured from a diverse group of 15 unique investors, demonstrating a robust confidence in the company’s credit offerings, as evidenced by the 2.2x oversubscription rate across all note classes. Truist Securities played a pivotal role, serving as the Sole Structuring Advisor, Book-Running Manager, and Initial Purchaser for this transaction.
Fora Financial specializes in providing speedy, tailored financial solutions like business loans and revenue advances to its clients. These services are enhanced by advanced technology and a commitment to transparency, which are delivered through personal customer relationships managed from their New York headquarters and Miami office.
COO of Fora Financial, Andrew Gutman, said, “We are excited to have closed our third securitization transaction on the heels of what will be a record origination year for the company.
“The high level of interest shown by both previous and new investors reaffirms our position as a leading originator in the SMB space. With this new ABS facility, Fora Financial has now exceeded $250 million in diversified senior financing capacity while boosting overall liquidity to support the company’s near-term growth targets.”
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