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Citi is spinning out Bridge, an SMB lending startup incubated within the bank. Fifth Third Bank- and Fin Capital-backed competitor Foro is acquiring Bridge for an undisclosed sum. Citi in turn will participate in a $3m funding round in Foro, alongside TTV Capital.
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"This is a new muscle that we have been building and exercising for a while," Emily Turner, head of business development for ICG, says of its spin-out operations.
https://www.axios.com/pro/fintech-deals/2023/09/11/citi-spins-out-bridge-fourth-incubated-startup
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