Fundedd, a private lending service provider, provided, in association with Peapack Private Bank & Trust, a banking service provider, a $7 million credit facility to Virtuosic Technologies, an investment company. The financing was instrumental in Virtuosic’s acquisition of primary equity position in Inteli Platforms (d.b.a. Intelli Platforms), a global IT services company, and will also support its ongoing working capital needs.
“We’re excited about this partnership with Peapack Private Bank as it represents a key evolution in Fundedd’s strategy,” Evan Prodromo, executive vice president, sales and business development at Fundedd, said. “Having the right financial partner is critical for executing our vision, and Peapack Private Bank’s participation provides the foundation we need to expand at scale.”
William Gascoigne, senior managing director at Peapack Private Bank & Trust, said, “We are proud to have advised our client, Fundedd, in acquiring a majority stake in Intelli Platforms — a strategic move that underscores our commitment to delivering exceptional outcomes for our clients. Our relationship with Fundedd runs deep, and we’re excited to support Virtuosic Technologies as they build their technology portfolio.”
Rahul Bajaj, chairman of Virtuosic Technologies, said, “We extend our sincere thanks to the teams at Fundedd and Peapack Private Bank for their exceptional support in the acquisition of Intelli Platforms. Their role as true financial partners was critical to achieving this milestone. This acquisition is foundational to our vision at Virtuosic, which involves assembling a powerful portfolio of specialized technology companies. With many such acquisitions planned, we are confident that the expertise of our financial partners will continue to be a significant asset.”
