Client Overview

  • The Client was an emerging Fintech lender, who had been engaged in discussions around a senior debt facility for four months with a major global investment bank
  • Upon COVID-19 emerging, their funding partner retreated and the Client needed a partner to fund their near-term growth

Facility Overview

  • GCI engaged with the client and was able to provide a wholesale funding facility within 5 weeks from the first introductory conversation
  • The $35 million wholesale facility GCI provided offered a structure which understood the client’s business and both bridged their short term requirements and provided headroom for growth until further relationships could be developed

Commentary

  • Despite the Client’s executive and operational team being split between Melbourne, San Francisco and Tel Aviv, and travel being shut down due to COVID-19, we were able to fully and comprehensively diligence the transaction and interface with advisors on three continents to close the transaction in the timeframe that allowed the Client to execute its growth strategy without delay.

Providing Value Added Credit

Insights

The Client had a highly specialised lending model which the GCI team were able to comprehend quickly and comprehensively eliminating delays.

Speed

With other lenders withdrawing due to the onset of COVID-19, GCI were able to engage quickly and in detail to close the warehouse facility within five weeks.

Flexibility

GCI provided a covenant package which acknowledged the Client’s growth profile and allowed for excess concentrations at commencement but detailed a clear path to a mutually acceptable and secure endpoint.

Network

Since closing the transaction, the Client has announced to the stock exchange a partnership with another GCI client who was introduced through our extensive networks.