QuadPay Secures Revolving Line of Credit of Up to $200 million from Goldman Sachs, Oaktree Capital
24 September 2020 - 11:00PM
Business Wire
QuadPay, which will use the facility to expand
its buy now, pay later business to new merchants across the US,
secured the line of credit through the Finitive private credit
platform
High-growth, US-based payment installment
platform QuadPay today announced that it has secured a senior
secured committed revolving line of credit of up to $200 million
from Goldman Sachs, with mezzanine financing provided by Oaktree
Capital. QuadPay will use the credit facility to expand its Buy
Now, Pay Later (BNPL) business to new merchants throughout the
United States.
Founded in 2017, QuadPay was an early entrant into the US BNPL
market and has since seen rapid growth, with customer numbers
increasing by 33% in the last quarter alone. QuadPay partners with
retailers to allow their customers to pay via installments for
merchandise purchased online or in-store. Earlier this month,
QuadPay recently merged with Zip Co Ltd (ASX: Z1P), to create a $2
billion global payments business. The combined entity has over 4
million customers and 26,000 merchant partners.
QuadPay secured its credit facility from Goldman Sachs and
Oaktree with advisory from Finitive, leveraging their direct
lending platform. The facility was structured in a special purpose
vehicle (SPV) secured by QuadPay’s existing installment receivables
portfolio.
“The global BNPL market is expected to grow significantly as
retailers leverage alternative payment services to reach more
customers. “We are thrilled for this financing partnership with
Goldman Sachs and Oaktree Capital to assist our growth and
continued participation in this trend,” said Adam Ezra, co-CEO of
QuadPay. “We are also particularly pleased to be completing this
transaction despite being in the middle of a pandemic and are
grateful to Finitive who assisted from the commencement of our
process.”
“QuadPay has a strong management team and compelling offering.
During our matching process, QuadPay garnered significant interest
and term sheets among institutional investors interested in
investing in the company’s growth,” said Caroline Hayes, President
of Finitive. “We look forward to seeing QuadPay expand its merchant
base and services with the support of two strong institutions.”
About QuadPay QuadPay (ASX: Z1P) is a leading US-based
installments platform, providing consumers with a simple,
transparent, and financially responsible alternative to traditional
credit. QuadPay is reinventing the payments landscape with its
focus on innovation and customer-centricity, enabling more than 1.8
million customers to pay in four interest-free installments over
six weeks. The company's market-leading app, which has been
downloaded over 2.3 million times, enables seamless integration for
merchants and the ability for customers to shop online and in-store
interest-free, not just with QuadPay's 4,700 integrated merchants,
but with leading global retailers. For more information, visit:
www.quadpay.com.
About Finitive Finitive is a financial technology
platform providing institutional investors with direct access to
alternative lending investments. Through Finitive, institutional
investors access a multi-trillion-dollar market that encompasses a
broad spectrum of non-bank lending sectors, including specialty
finance, online lending, marketplace lending, and private credit
funds. Finitive’s originator partners gain efficient access to a
global network of investors who are actively allocating to
alternative lending. All regulated activities are conducted through
North Capital Private Securities, a registered broker-dealer and
member FINRA/SIPC. For additional information, please visit
Finitive’s website at www.finitive.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200924005057/en/
For QuadPay: Angela Nibbs quadpay@maven-pr.com
For Finitive: Patty Buchanan JConnelly 1 (973) 567-9415
pbuchanan@jconnelly.com
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