FreshBooks, an accounting software with paying customers in more than 160 countries, secured a $100 million syndicated debt facility with BMO and J.P. Morgan (JPM). The facility also includes an uncommitted accordion feature of $25 million, for a total borrowing capacity of up to $125 million. With BMO as the sole bookrunner and administrative agent, this debt facility will enable FreshBooks to continue its rapid global expansion plans, including strategic acquisitions and investment into more regulated markets.
“This funding arrives at an important period of momentum for FreshBooks,” Don Epperson, CEO of FreshBooks, said. “We want to seize global growth opportunities and continue scaling our operations to support more business owners than ever before, with our easy-to-use accounting software and locally relevant integrations.”
“This increase to FreshBooks’ debt facility strengthens our balance sheet and gives our team the financial flexibility to move efficiently and with confidence,” Michael Washinushi, CFO at FreshBooks, said. “Working with partners such as BMO and JPM, further enhances FreshBooks’ ability to support small business owners globally.”
“We’re proud to continue our support of FreshBooks, a partnership that helps to drive progress for both our teams and customers,” Christopher Jackson, director, technology and innovation banking group at BMO, said. “FreshBooks’ mission-driven team continues to accomplish great things in service of the growing small business and self-employed market. This debt facility will boost the team’s ability to move efficiently and capture more market share around the globe.”
“J.P. Morgan is delighted to be part of FreshBooks’ growth story and have a role in supporting the company’s continued global expansion,” Richard Zeni, relationship executive at JPM, said. “Empowering small businesses is a shared priority between our two companies, and we’re excited that more small businesses will be empowered to achieve their goals and dreams.”