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Square 1 Bank Announces Credit Facility to SparkPost

March 22, 2017, 08:00 AM
Filed Under: Technology
Related: Square 1 Bank

Square 1 Bank, a division of Pacific Western Bank, announced that it has provided a $10.5 million credit facility to new client SparkPost, a leading cloud email infrastructure provider. Proceeds from the facility will provide working capital for ongoing company initiatives.

Through its cloud email delivery service, SparkPost provides the deliverability, security, reliability, speed and insight needed to drive superior customer engagement to over 20,000 active users ranging from small startups to major technology companies. The company is responsible for sending over three trillion messages per year - more than 25 percent of the world's legitimate emails - and has experienced a continuous increase in volume each month since its inception.

"As the only full-featured cloud email delivery service built on Amazon Web Services (AWS), we can focus on continuing to innovate the world's best cloud email delivery platform instead of having to deal with dated and unreliable datacenter architecture," said Phillip Merrick, chief executive officer at SparkPost. "The confidence demonstrated by Square 1 is further proof of our position as the fastest growing cloud email provider in the market. We look forward to leveraging this capital to continue fueling our strong growth."

"SparkPost's remarkable success and evolution are a testament to their employees' vision and hard work which has steadily grown the company's notable client base, which includes Twitter, LinkedIn, Pinterest, Zillow and CareerBuilder," added Ryan Dammeyer, managing director and head of Square 1's Structured Finance Group. "Its renowned cloud email service is in high and increasing demand, and we are excited to support the company's continued evolution."

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