FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


FinTech Company Secures $25MM Credit Facility From Drift Capital Partners

February 08, 2017, 07:14 AM
Filed Under: Lender Finance

Breakout Capital, a technology-enabled small business lender, announced it obtained a new revolving credit facility from Drift Capital Partners, LLC, an alternative asset management company based in Charleston, South Carolina. The facility is structured to scale in alignment with Breakout Capital’s rapid growth, and at least $25 million in revolving debt is expected to be available to provide working capital solutions to Breakout Capital’s current and future customers. Drift’s commitment equips Breakout Capital with significant incremental funding capacity to continue on its strong trajectory and to meet the robust and accelerating demand among small businesses nationwide for Breakout Capital’s transparent, flexible, and innovative financing solutions.

“We have enjoyed a long-standing financial partnership with Drift, and we appreciate the continued trust they have placed in us with this new credit facility. Drift’s facility will further bolster our growth trajectory and enable us to provide tens of millions of dollars or more of additional working capital to small businesses across the country. In a time when institutional appetite for alternative finance companies has dried up, we believe our ability to raise a credit facility in this market speaks volumes about what we have already accomplished, our position as a leading player in the space, and our prospects for strong, but measured growth,” stated Carl Fairbank, Founder & CEO of Breakout Capital.

“Drift has a proven track record of identifying and partnering with platforms positioned for long-term success in the alternative finance space. As a long-time partner to Breakout Capital, we recognize that the company’s superior management team employs an innovative business model that should enable it to become one of the top players in the market. I could not be happier than to extend our relationship with Breakout Capital, and look forward to a long-term partnership with the company,” said McLean Wilson, Co-Founder & Managing Partner of Drift Capital Partners, LLC.

With a focus on innovation, product and cost transparency, and a partnership-based approach that extends past just providing capital, Breakout Capital is built on three fundamental pillars: transparent and innovative lending, education, and advocacy. In addition to becoming one of the fastest growing lenders in the market, Breakout Capital is a Founding Member of the Coalition for Responsible Business Finance and a vocal advocate for comprehensive, standardized product and cost disclosure, and full transparency across all alternative finance products.

As a result of its reputation as one of the most trusted and respected lenders in the market, Breakout Capital was invited to and joined the Task Force for the PLUM Initiative, a groundbreaking collaboration between the U.S. Small Business Administration (SBA) and the Milken Institute to more effectively provide capital to minority-owned businesses throughout the United States. The Task Force consists of a very select group of industry leaders, who are in positions to improve access to capital in underserved markets, including: local, state, and federal officials; academics; trade groups; banks (large, regional, community), community development financial institutions, alternative finance platforms and data providers; technical assistance providers, and commercial developers.

Drift Capital Partners, headquartered in Charleston, SC, is an alternative asset manager that seeks to generate attractive, absolute returns by investing across the entire credit spectrum in areas where conventional sources of capital are scarce. Drift was formed to provide a select group of qualified high net worth individuals, institutional investors and family offices access to unique investment opportunities through an array of asset classes. Drift’s core principles are reflected in their due diligence, investment selection, diversification with unique asset classes and risk mitigation techniques. Drift’s principals co-invest in every fund offering ensuring that Drift’s interests are always aligned with investors.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.