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Silicon Valley Bank and Trinity Capital Provide $125MM Warehouse Facility to Parafin

April 10, 2024, 07:00 AM
Filed Under: FinTech

Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital, provided a $125 million warehouse facility to fintech infrastructure startup, Parafin. Recently named to the 2024 Fintech Innovation 50, Parafin helps companies, such as marketplaces, vertical SaaS, and payment processors, launch and embed financial services for their sellers.
Provided by SVB's national fintech practice, the financing facility will support Parafin in providing capital to businesses on premier platforms such as DoorDash and Amazon. Parafin employs a machine learning-based underwriting model based on sales performance to determine eligibility and create personalized financing offers. Since Parafin's launch in 2020, it has served tens of thousands of businesses and extended $5 billion in offers.
Sahill Poddar, CEO of Parafin, shared that "Small businesses often face barriers to financing. Parafin's goal is to help them overcome those challenges, and get them the capital they need. We're thrilled to partner with SVB and Trinity, which will expand our financial service offerings and capacity to supply sellers with fast and flexible financing to scale their businesses."
"Parafin is helping sellers, creators, and entrepreneurs bridge their cash flow needs, invest in their growth, and focus on what they do best: running their business," said Brian Foley, Market Manager for SVB's Warehouse and Fintech group. "SVB is proud to continue our strong relationship with Parafin and provide them with the financial solutions and advice they need to grow and help more business owners."
"We're proud to partner with the teams at Parafin and SVB to provide this warehouse financing facility," said Steven Lambe, Managing Director, Warehouse Lending at Trinity Capital. "Parafin's impressive financing platform will continue to empower small and medium sized businesses with flexible capital solutions."
As a leader in serving the fintech industry, SVB provides fintech clients with specialized banking services, specialty financing and payment solutions including venture debt, warehouse lending, payment processing, and APIs.

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