Fundworks, a tech-enabled financing provider serving small businesses across the US, has extended and increased its investment-grade corporate notes to $40m.
The capital raised through the transaction is earmarked for refinancing existing debt, lengthening the firm’s maturity profile and underpinning further growth in loan originations.
Brean Capital acted as exclusive financial advisor and sole placement agent for the deal.
Fundworks operates a technology-driven finance platform that supplies working capital to merchants, helping them grow, seize short-term opportunities and manage seasonal swings in their businesses. Its proprietary platform is designed to turn the traditionally opaque and slow process of securing capital into one that is simple, quick and dependable.
Since it was founded, the Salt Lake City-headquartered firm has provided over $1bn in funding to more than 15,000 small businesses across the US.
Fundworks co-founder and chief executive officer Evan Smiedt said, “We are encouraged by the continued support from investors and their confidence in our business. This transaction strengthens our ability to invest in technology and AI infrastructure as we scale, which will enhance our underwriting capabilities and accelerate our origination growth.”
Fundworks co-founder and chairman Bradley Smiedt said, “We are proactively taking steps to strengthen our balance sheet. By providing long-term capital visibility, these notes allow for greater flexibility in how we deploy capital to support small businesses across the nation.”
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