Finitive, a private credit platform providing institutional investors with direct access to alternative lending investments, announced that QuadPay, the U.S.-based payment installment platform, 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 secured the facility through Finitive’s direct lending platform.
QuadPay will use the credit facility to expand its buy now, pay later (BNPL) business to new merchants throughout the U.S. QuadPay partners with merchants to allow their customers to pay via installments for merchandise purchased online or in-store. QuadPay recently merged with Zip Co to create a $2 billion global payments business. The combined entity has over 4 million customers and 26,000 merchant partners. QuadPay’s facility was structured in a special purpose vehicle secured by the company’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.”
“This transaction is a great example of how Finitive’s platform is uniquely designed to match companies seeking private credit investments with institutional investors – bringing parties together that may not have found each other through traditional channels,” said Jon Barlow, CEO of Finitive. “We’re thrilled to have facilitated this debt facility between QuadPay and two strong institutions.”
Finitive simplifies the legal, administrative, research, due diligence and closing process for both capital seekers and investors. Finitive’s platform matches institutional investors to a broad spectrum of companies and non-bank lending sectors, such as online lending, specialty finance, marketplace lending and private credit funds, based on parameters such as asset class, loan size, capital structure, target yield range and geography. Institutional investors access highly vetted data rooms and due diligence materials through Finitive’s platform without paying any fees.
Editor’s note: This article has been updated to reflect that mezzanine financing was provided by Oaktree Capital and to amend a quote from Jon Barlow.