Pacific Mercantile Bank provided a $7 million credit facility to Winc, an online winery and wine club. In addition to the financing, Winc will utilize a suite of Pacific Mercantile Bank’s depository products and treasury management services.
“We have seen a dramatic increase in subscribers since the start of the COVID-19 pandemic as consumers have gravitated towards our convenient, highly personalized approach for delivering a unique wine experience at an affordable price,” Carol Brault, vice president of finance for Winc, said. “Given the incredible growth we are seeing, we needed a banking partner that could support our continued expansion and development of new brands to offer consumers, including our new line of health-conscious wines under the Wonderful Wine Co umbrella. Pacific Mercantile Bank’s expertise in the food and beverage space helped them quickly understand our business model and develop a customized credit facility that will enable us to continue investing in our business, adding subscribers and taking market share in the future.”
“Winc has effectively used technology and a commitment to innovation to build a highly differentiated niche and become one of the top 50 wineries in the United States,” Jeremy Schmidt, vice president and senior relationship manager at Pacific Mercantile Bank, said. “We look forward to working with the company as more consumers discover its unique selection of wines and supporting its continued growth in the years ahead.”
