By Ryan Weeks on Wednesday 15 February 2017
US small business lender extends loan purchasing agreement with global investment bank.
Bond Street, an up-and-coming fintech lender in the US, has renewed its loan purchasing agreement with Jefferies. After agreeing to a $110m programme in the summer of 2015, the scheme is now being extended to allow for up to $300m of loan purchases.
It was confirmed at the time of Jefferies’ initial investment in the Bond Street platform that the round had included an equity kicker.
With the programme now extended, Bond Street is also looking to expand its product set to include a wider range of loan sizes. Where previously the range was set at term loans from $50k to $500k, it has now been expanded to $10k to $1m. Bond Street claims that this gives it “the widest term loan range” in the alternative lending industry.
BondStreet is backed by such investors as Spark Capital and Homebrew, as well as by some high profile individuals within the wider technology space, such as Nathan Blecharczyk (co-founder of Airbnb).
Commenting on the renewed funding deal, Bond Street CEO David Haber (pictured above) said that Jefferies' continued loan purchases will expand the platform’s ability to support entrepreneurs “at every stage of their growth cycle”.