Rivonia Road Capital, a global alternative asset manager, focused on credit for high-growth companies, provided Tandym with $50 million in debt financing, alongside an equity investment in Tandym’s most recent fundraise.
Tandym, based in Chicago, was founded by former Capital One executives to offer branded credit cards to online merchants with less than $1 billion in revenues. Historically, merchant cards have only been available to the largest retailers, primarily due to complex, time-consuming and costly implementation requirements. Tandym streamlines onboarding for merchants by leveraging its proprietary closed-loop system, thereby greatly reducing the time and cost of implementation, while also minimizing ongoing merchant processing fees.
“Rivonia Road is thrilled to support Tandym by providing the capital needed to scale its portfolio,” Brad Smiedt, co-founder and managing partner, Rivonia Road Capital, said. “Tandym is a transformational company, founded by a stellar team, serving a substantial unmet need. It operates at the intersection of two credit segments Rivonia knows well, SME and consumer. Tandym uniquely offers a ‘win-win-win’ proposition, benefiting the consumer, the merchant and the issuer.”
Despite launching less than one year ago, Tandym has already raised two equity rounds in addition to Rivonia’s credit facility. In that time, the company has experienced rapid growth across its team, technology platform and customer pipeline. Demand for Tandym’s solution is robust and the company has already onboarded multiple merchant customers.
“Tandym is poised for exponential growth due to our compelling value proposition,” Jennifer Glaspie, co-founder and CEO of Tandym, said. “Brad and his team at Rivonia Road brought a truly differentiated perspective to the table, as they have been both investors and company founders themselves. Rivonia’s insights and flexibility through the process were instrumental in arriving at a solution that will allow Tandym to rapidly capitalize on the massive opportunity in front of us.”
