ForwardLine Financial, a direct lender of small-business loans, has raised $20 million in funding. The backers were Five Oceans Capital and Marsico Enterprises. ForwardLine is backed by The Vistria Group.
WOODLAND HILLS, CALIF. (PRWEB) SEPTEMBER 26, 2019
ForwardLine Financial, a leading direct lender of small-business loans, announced that it has raised $20 million in growth capital from Five Oceans Capital and Marsico Enterprises. The additional capital will be used to support the company’s aggressive origination goals.
Backed by The Vistria Group, a Chicago-based private equity firm, ForwardLine continues its strategic growth and expansion plans led by CEO Steve Carlson. In Q2 2019, the company closed a $100 million senior credit facility with Sector Financial, a division of Credit Suisse, and Neuberger Berman Private Equity Funds. The infusion of capital propelled the organization to achieve record new customer originations in Q2 2019, a 300% increase over the prior year. The company is positioned to leverage its unique direct marketing model to drive further origination growth to close out 2019.
Since 2003, ForwardLine has provided more than a half-billion dollars in funding to over 15,000 companies. Driven by its mission to improve the financial health of America’s small businesses, ForwardLine continues to invest in delivering the best experience for its customers. “The growth that we’ve experienced over the past year highlights the passion that our team members have towards helping small-business owners achieve their dreams,” said Carlson, ForwardLine’s CEO. “We are thrilled to have the support of Five Oceans Capital and Marsico Enterprises as we continue to deliver industry-leading growth.”
“Vistria seeks to partner with investors that share our vision for growth and passion for improving the financial health of small businesses,” said Mike Castleforte, partner at The Vistria Group. “We’re pleased to have both Five Oceans Capital and Marsico Enterprises support the ForwardLine team as the company continues on its path to becoming the preferred partner for small businesses nationwide.”
ForwardLine Financial, a nationwide non-bank lender, has been successfully providing small businesses with fast, convenient financing alternatives to traditional business loans since 2003. ForwardLine combines technology, non-traditional credit algorithms, and a direct sales model to offer attractive pricing and address a market not captured by traditional banks. In addition to loans, the company offers payment-processing services to its borrowers in order to further encourage customer loyalty.