Investing.com
Published Apr 09, 2024 13:22
Financing provided by SVB's National Fintech Practice and Trinity Capital Inc . (Nasdaq: NASDAQ:TRIN)
Provided by SVB's national fintech practice, the financing facility will support Parafin in providing capital to businesses on premier platforms such as DoorDash (NASDAQ:DASH) and Amazon (NASDAQ:AMZN). Parafin employs a machine learning-based underwriting model based on sales performance to determine eligibility and create personalized financing offers. Since Parafin's launch in 2020, it has served tens of thousands of businesses and extended
Sahill Poddar, CEO of Parafin, shared that "Small businesses often face barriers to financing. Parafin's goal is to help them overcome those challenges, and get them the capital they need. We're thrilled to partner with SVB and Trinity, which will expand our financial service offerings and capacity to supply sellers with fast and flexible financing to scale their businesses."
"Parafin is helping sellers, creators, and entrepreneurs bridge their cash flow needs, invest in their growth, and focus on what they do best: running their business," said
"We're proud to partner with the teams at Parafin and SVB to provide this warehouse financing facility," said
As a leader in serving the fintech industry, SVB provides fintech clients with specialized banking services, specialty financing and payment solutions including venture debt, warehouse lending, payment processing, and APIs.
About Silicon Valley Bank¯
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company's website at www.trinitycap.com.
About Parafin
Parafin is a full-stack embedded financial services company. Parafin enables platforms to provide financing to businesses by abstracting away the complexity of capital markets, underwriting, originations, servicing, compliance, and customer support. In less than 3 years, Parafin has partnered with Amazon, DoorDash, and more platforms to serve tens of thousands of businesses and extended
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