New York based online direct lender Fundation has raised $100m in debt financing from Goldman Sachs. Fundation is an alternative lender providing small business loans with fixed rates and simple interest.
Sam Graziano, CEO of Fundation said, “We are excited to have garnered Goldman Sachs’ support. This transaction further strengthens our balance sheet and reinforces our unique position in the small business lending marketplace.” Fundation focuses on developing strategic partnerships with banks, other financial institutions, and various service providers to the small business market. Fundation enables its bank partners to leverage Fundation’s platform to offer an online lending capability to their customers, drive cost efficiencies and serve more customers. Fundation also develops strategic partnerships, delivering capital to small businesses through integrations with partners that serve the small business market in various forms. In the past year, Fundation has announced strategic partnerships with Regions Bank, Alliance Partners, the manager of a 200-member community bank network, and the Minority Business Development Agency, a division of the United States Department of Commerce.