An Australian alternative SME finance provider has secured a $135m credit facility from Goldman Sachs Private Capital.
The facility given to Capify will help the Sydney-based fintech accelerate the growth of its lending business to Australian SMEs through its business loan and merchant cash advance products.
The group has been active in Australia since 2008 and recently celebrated its ten-year anniversary. It has executed more than 7,500 transactions for SMEs seeking business financing over that time.
David Goldin, founder and CEO of Capify, said the funding from Goldman Sachs was a “landmark achievement”.
He added, “This new multi-year credit facility allows us to deliver on our own growth plans, whilst providing much needed access to capital for Australian SMEs to help them to grow, to boost the economy and to create jobs.
“The credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to Australian SMEs.”
Pankaj Soni, executive director at Goldman Sachs Private Capital, said, “Capify is one of the leading SME finance providers in Australia.
“We have been impressed with the management team, business model and innovative finance solutions for SMEs. We look forward to supporting their growth in the years ahead.”
John DeBree, managing director, Australia, at Capify, added “We are extremely excited about our future relationship with Goldman Sachs.
“The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to thousands of small businesses in need of capital.”