Snipp Interactive closed a new $4 million credit facility with Silicon Valley Bank. The credit facility is an accounts receivable line of credit for up to $4 million and provides Snipp with additional working capital.

“Adding a credit facility to our financial structure is another tangible sign of the growth of Snipp as a company and a vote of confidence in our future,” said Snipp CEO Atul Sabharwal. “Although we are debt free, we realize that access to additional funds will ensure our ability to maintain our growth without interruption. Financial flexibility has become particularly important as the size and volume of our contracts continues to increase.”

“Silicon Valley Bank is pleased to partner with Snipp to support their growth,” said Robert Corteway, vice president for Silicon Valley Bank in Palo Alto, CA. “Snipp is developing innovative ways for brands to engage with customers and derive insights that generate sales. Our aim is to provide the Snipp team with the right financing, connections and global services to facilitate their continued success.”

Washington, DC-based Snipp is a global loyalty and promotions company.