Old Hill Partners Increases Funding Commitment to ByzFunder to $ 40 Million
Posted: October 19, 2021 at 10:00 a.m. EDT|Update: 1 hour ago
NEW YORK, October 19, 2021 / PRNewswire / – ByzFunder, the leading non-bank fintech company, announced a significant increase in existing funding from its strategic partner Old Hill Partners until $ 40 million. This funding round is a substantial increase in Old Hill Partners’ first facility from $ 12 million in 2020.
In September, ByzFunder closed its record financial performance exceeding $ 12 million in the origins. The increase in funding from Old Hill strengthens ByzFunder’s position as an emerging leader in the alternative corporate finance space. It provides the assistance needed to advance short- and long-term priorities for an anticipated period of significant innovation, growth and expansion in additional credit levels.
Ilya Fridman, the CEO expressed his enthusiasm and confidence in the way forward; “We have a very exciting journey ahead of us. Our people continue to come together and outperform with an absolute commitment to excellence, and our platform continues to grow stronger, more advanced and more competent. With Old Hill, the exceptional team of investors, and the increased financial resources their partnership brings, we can accelerate ByzFunder’s already impressive growth trajectory, expanding our balance sheet to provide full service to business owners. . “
Old Hill Partners Inc. is an alternative asset manager focused on asset lending transactions with borrowers seeking $ 10 To $ 50 million in financing. The company structures senior secured debt in the form of term facilities, drawdowns and revolving credit for up to four years and loan-to-value ratios in the range of 35% to 85%. Types of guarantees include pools of loans or leases (specialized financing), receivables, inventory, machinery and equipment.
“We were impressed with the quality of ByzFunder’s creations, its performance to date, its exceptional leadership, its disruptive business model, its innovative technology and the overall quality of its operations. We believe the company is well positioned to continue to grow, and we are delighted to be a part of it, ”said Pierre Faigl, Senior Portfolio Manager at Old Hill.
ByzFunder NY LLC is a leading non-bank finance company that has successfully provided small and medium-sized businesses with fast and convenient financing alternatives since 2018. ByzFunder combines technology and non-traditional lending algorithms to deliver attractive pricing and customer service exceptional to a market not captured by traditional banks.
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