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JPMorgan Chase Provides $2.1MM Financing to Support HUTN Group Fintech Efforts

August 10, 2018, 08:01 AM
Filed Under: Lender Finance

HUTN Group Inc., a unit of HUTN, Inc. announced that it closed on a new $2.1 million credit facility from JPMorgan Chase. The financing is non-dilutive and is guaranteed by company directors.  The first $1 million carries an interest rate of 3.90% and the remaining $1.1 million carries an interest rate of 3.94% and all  tranches mature on June 21, 2019.  Following this new agreement, total financing from JP Morgan Chase during 2018 amounts to $6.7 million.

HUTN, Inc. CEO Christopher Daniels commented, "We are pleased to expand our relationship with JP Morgan Chase, a leading global financial services firm and one of the largest banking institutions in the United States with operations worldwide. This credit facility will allow us to execute on our fintech business initiatives, fund our marketing efforts for the digital services offered by HUTN Inc.'s subsidiaries -- EF Hutton, Vibrant Mobility and Megga -- support customer development and user acquisition, and also enable the Company to develop additional innovative products and services."

As part of this strategy, Megga, Inc., a revolutionary approach to social media, has been beta-testing a new social media model that allows users to save money towards retirement as they use the Megga social internet platform, through a range of social networking apps that offer functions similar to other apps that users already use.  

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