MA Asset Management is pleased to announce the closing of a new US$175m asset-backed warehouse facility to support the growth of its continued relationship with Fundbox, a leading provider of embedded capital infrastructure for the small business economy. The facility will help fuel Fundbox’s continued growth with a focus on North American businesses.
Fundbox provides white-labelled technology, underwriting and modern capital infrastructure that enables digital platforms to offer working capital directly within the products and services their customers already use. Since 2013, Fundbox has provided more than US$7 billion in financing to over 190,000 small businesses.
Commenting on the transaction, Christian Sampson, Investment Director in MA Asset Management’s Global Credit Solutions team, said: “This transaction highlights the breadth of our Asset Based Finance platform and provides investors with diversified access to high-quality SMEs supporting the real-world economy. It also demonstrates our ability to support borrowers across geographies. We are pleased to deepen our relationship with Fundbox and continue supporting the business in delivering on its growth agenda.”
MA previously provided an AU$100m asset-backed warehouse facility to the company to support their geographic expansion into Australia with this transaction further building off of the success of that partnership.
“We’re excited to deepen our relationship with MA as we expand from the U.S. and Australia into Canada. By supporting multiple partners and products through a single facility, we’re continuing to scale embedded capital across markets and reach more small businesses globally. “ - Renuka Nayani, Chief Financial Officer.
Fundbox makes capital available to businesses through business loans and lines of credit originated by First Electronic Bank or Lead Bank. California businesses: Fundbox makes business loans and lines of credit loans pursuant to California Financing Law license 60DBO-48774.All financing is subject to credit approval of a completed application. Fundbox and its bank partners base loan eligibility on their respective credit and risk policies, applicable legal requirements, and other business considerations. Financing may not be available in all states and may be subject to local restrictions where applicable.
