SALT LAKE CITY, September 15, 2021--(BUSINESS WIRE)--WebBank today announced it has provided a new senior secured, asset-backed revolving credit facility to an affiliate of Libertas Funding, LLC (together, "Libertas"). WebBank is the sole arranger and lender under the facility.
WebBank is a national issuer of consumer and small business credit products through its Strategic Partner platforms, including retailers, manufacturers, and FinTech companies, and provides asset-backed lending and other credit facilities to Strategic Partners, credit funds, and other lenders with a focus on specialty finance assets.
Libertas will use borrowings from the credit facility to purchase participations in merchant cash advances to small and medium-sized businesses ("SMBs") originated and issued by Libertas and its subsidiaries.
"We are thrilled to expand our partnership with WebBank, a true digital banking leader whom we greatly respect and trust," said Randy Saluck, CEO of Libertas Funding. "This new credit facility provides even more firepower to Libertas to provide small and medium-sized businesses with quick access to funding to meet their working capital and growth requirements. Our hands-on approach featuring our customer-focused process has truly resonated with SMBs since our inception five years ago. This important new component of our WebBank partnership will help fuel our growth, enhancing our ability to assist our clients in reaching their goals."
"We are excited to continue to provide financing options through asset-backed lending facilities. Libertas Funding is an important and valuable Strategic Partner through which WebBank currently issues term loans to SMBs. With this new asset-backed lending facility, we are happy to expand and grow our relationship with Libertas to now also finance Libertas’ merchant cash advances to SMBs," said Jason Lloyd, President of WebBank. "This transaction supports WebBank’s strategic goal of providing asset-backed lending facilities as a lead or sole arranger and lender."
About Libertas Funding, LLC
Founded in 2016, Libertas Funding is a technology-driven specialty finance and asset management company, with a leadership team that has a combined 100+ years in the finance and credit industries. Since its inception, Libertas has provided over one billion dollars of funding to small and medium-sized businesses. Libertas offers a unique approach using a flexible model that addresses individual business needs through a combination of technology and a focus on interactive customer service. Libertas leads with integrity and truly cares about its customers’ success. For more information about Libertas, visit https://libertasfunding.com/
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $138 billion in consumer and commercial credit products. As "The Bank Behind the Brand®", WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.
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