- 1Fundworks extended and upsized its investment-grade corporate notes to $40.0 million.
- 2Proceeds go to refinancing debt, extending maturities and supporting origination growth.
- 3Brean Capital was exclusive financial advisor and sole placement agent.
The Fundworks, a Salt Lake City-based provider of small business financing, has extended and upsized its investment-grade corporate notes to $40.0 million.
What the company plans to do with the money
Fundworks said proceeds will refinance existing debt, extend its maturity profile and support continued origination growth. Brean Capital served as the company's exclusive financial advisor and sole placement agent on the transaction.
Co-Founder and CEO Evan Smiedt said the deal improves the company's capacity to invest in technology and AI infrastructure as it scales, which he expects to strengthen underwriting and speed origination growth. Co-Founder and Chairman Bradley Smiedt described it as a step to shore up the balance sheet, saying the longer-dated capital gives the company more flexibility in deploying funds to small businesses.
About the company
Fundworks describes itself as a tech-enabled finance platform that offers working capital to merchants for growth, short-term opportunities and seasonal swings. By its own account, it has funded more than $1 billion to over 15,000 small businesses across the United States since it started.
The company did not disclose pricing, the investors involved or the maturity dates of the notes. More information is available on the Fundworks website.
Source reporting: deBanked.
