SOUTHFIELD–Credibly, the data science-driven fintech lending platform that champions small and medium-sized businesses, announced a management-led buyback of all the outstanding equity investment previously held by a private equity firm.
This buyout was financed through a new equity investment and the issuance of a new corporate note, which earned a BBB rating from Egan-Jones Ratings Company, a nationally recognized statistical ratings organization.
Credibly’s co-founder and co-CEO, Ryan Rosett, said: “When we established Credibly in 2010, our mission was to deliver much-needed capital to the underserved small business market, which forms the backbone of economic stability and job growth in the US. Thirteen years in, we recognize the opportunity before us is even more substantial. As we reclaim full ownership of the company, we look forward to a promising future, anticipating continued growth and success for our management team, employees, and the small businesses we serve.”
Michael Seneski, Credibly’s CFO, added: “We’re immensely proud of Credibly’s robust and profitable growth over the years, a trend we intend to continue. Our superior platform and dedicated team are committed to Credibly’s core mission of providing essential capital to empower small businesses to grow and realize their full potential. We anticipate building on our successes and maintaining our status as an industry leader.”
Brean Capital and RBC Capital Markets served as financial advisors on this transaction, and Brean Capital also served as the placement agent.
Since its inception in 2010, Credibly has channeled over $2 billion in capital to more than 30,000 SMBs. Credibly also made history in 2017 as the first company in its field to acquire servicing rights to another alternative lender’s portfolio. The company has achieved steady growth, operated continuously throughout the COVID-19 pandemic, and recorded exceptional origination numbers.
Headquartered in Southfield, Credibly has additional offices in New York and Arizona. More at www.credibly.com.