Financing provided by SVB's National Fintech
Practice and Trinity Capital Inc. (Nasdaq: TRIN)
SAN
FRANCISCO, May 30, 2024 /PRNewswire/ -- Silicon
Valley Bank (SVB), a division of First Citizens Bank, along with
lending partner Trinity Capital Inc. ("Trinity"), today announced
that it has provided a $63 million
warehouse facility to Denim, a technology-forward factoring partner
for freight brokers.
The financing, offered by SVB's national fintech practice,
allows Denim to continue supporting the cash flow and operational
needs of growing freight brokers. In a volatile market, this
support is vital for helping brokerages and fleets maximize their
finances and enhance efficiency through automation.
"The facility will enhance Denim's ability to support the cash
flow needs and accelerate the expansion of growing freight
brokerages," said Bharath
Krishnamoorthy, Co-Founder and CEO of Denim. "We are very
pleased to have SVB and Trinity as partners in our mission to
support the freight industry."
"With their innovative payment platform, Denim is helping
freight brokers simplify their back-office operations so they can
focus on running their business," said Brian Foley, Market Manager for SVB's Warehouse
and Fintech group. "SVB is proud to continue our strong
relationship with Denim and provide them with the financial
solutions and advice they need to continue to strengthen and scale
their business."
"The team at Denim has built an impressive and highly functional
software suite that is advancing the digitization of the expansive
freight and logistics market," Steven
Lambe, Managing Director, Warehouse Lending at Trinity
Capital. "We are excited to partner with their team to provide a
flexible facility that will help support their mission and scale
operations."
As a leader in serving the fintech industry, SVB provides
clients with specialized banking services, specialty financing and
payment solutions including venture debt, warehouse lending,
payment processing, and APIs.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is
the bank of some of the world's most innovative companies and
investors. SVB provides commercial banking to companies in the
technology, life science and healthcare, private equity and venture
capital industries. SVB operates in centers of innovation
throughout the United States,
serving the unique needs of its dynamic clients with deep sector
expertise, insights and connections. SVB's parent company, First
Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S.
financial institution with more than $200
billion in assets. First Citizens Bank, Member FDIC. Learn
more at svb.com
About Denim
Denim is a tech-forward freight factoring partner on a mission
to advance the supply chain by accelerating the movement of money
and data. Denim delivers fast access to the working capital freight
brokers need, when they need it. With Denim's proven, flexible
factoring solutions, freight brokerages can easily manage financing
options, monetize working capital, and
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective is to
generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
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SOURCE Silicon Valley Bank
