Finitive, a fintech platform that connects institutional investors with alternative lending investments, announced on Wednesday it received an investment from Sterling Bancorp (NYSE:STL). Founded in 2017, Finitive claims to be the leading data-driven private credit marketplace. The U.S.-based tech-enabled platform stated it provides institutional investors with direct access to private credit transactions.
“Institutional investors can access a multi-trillion-dollar market of private credit opportunities across multiple asset classes and structures, including specialty finance, online lending, marketplace lending, and private credit funds. Borrowers gain efficient access to capital via a global network of investors who are actively allocating to private credit.”
Jon Barlow, CEO of Finitive, spoke about the investment by stating:
“We are excited about the synergies between our two companies. Finitive will deploy the new capital from Sterling to advance our business providing digitized deal sourcing, screening and due diligence for investors and easier access to debt financing for borrowers.”
Bea Ordonez, CFO at Sterling Bancorp, further commented:
“We believe, as [Finitive does], that technology and data can remove friction in the private credit market and in the lending market more generally, providing borrowers with the capital they need to grow their businesses. This marks the latest in a series of strategic partnerships and technology investments that will contribute to our ongoing digital transformation.”
Finitive added it will use the investment funds to accelerate the growth of its automated platform for facilitating private credit transactions. The company did not disclose the investment’s total funds.
“The investment reflects Sterling’s strategic commitment to partnering with innovative fintech companies that can accelerate the expansion of Sterling’s digital offerings while delivering long-term growth”