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San Francisco based franchise online lender ApplePie Capital has raised $16.5m in Series B funding led by Fifth Third Capital and QED Investors. ApplePie Capital is a marketplace lender that provides a fresh new approach to franchise financing. The firm’s franchise loan marketplace enables entrepreneurs to efficiently obtain financing to start or expand their franchise business.
The new funding coincides with the announcement of a $180m loan purchase agreement with TowerBrook Capital to purchase franchise loans originated by ApplePie over the next two years. Funding for the loan purchases will come from TowerBrook’s Structured Opportunities Fund and a credit facility provided by SunTrust Banks The round also saw participation from Colchis Capital Management and existing backers Signia Venture Partners, Freestyle Capital and Prosper president Ron Suber. Launched in January 2015 ApplePie is partnered with 40 franchise brands and to date has funded more than $50m in loans.
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