LendingUSA, a financing provider specializing in point-of-need solutions for merchants, closed a $50 million debt facility with Sector Financial, an affiliate of Credit Suisse. The facility has an accordion for up to an additional $50 million.
The financing follows a previous $60 million debt facility provided by CapitalSource, a division of Pacific Western Bank, in November 2017. The company has also received funding from OLP and DLI for a total of over $320 million in debt and equity investments.
LendingUSA offers point-of-sale and online loans ranging from $1,000 to $35,000.
“The commitments we have received support LendingUSA’s innovative and sound business model, which will be key to our future growth. I’m incredibly excited for what’s in store for our company,” says Camilo Concha, founder and CEO of LendingUSA.