Citi sells SMB lending platform to Foro Holdings
Bridge, a digital platform built by Citi that connects SMBs with over 75 lenders across the United States, was acquired by commercial lending service provider Foro Holdings, Inc.
American bank Citi announced the acquisition of its SMB lending platform to Foro Holdings, Inc. a Charlotte-based commercial lending services provider. In handing off its platform to the lending firm, it became an investor in the North Carolina firm to further support its growth. TTV Capital, US Bank, and Correlation Ventures signed on as additional investors in the product housed at Foro.
“We developed Bridge to simplify and modernize the lending process for both borrowers and lenders. Our goal is to democratize access to capital for SMBs by providing a digital tool to connect with a range of lenders..” Bridge co-founder Rohit Mathur said, “with the support of Foro, Bridge will continue to grow and provide innovative solutions for the lending market.”
Bridge, marketed as Bridge built by Citi, was an internal product created in 2021 to connect small and medium-sized businesses with lenders across the United States. Since its inception, the platform has grown from 18 to over available 75 lenders, according to the company.
The platform was created by Rohit Mathur and Harte Thompson, both Citi employees, who will go on to be the chief executive officer and chief operating officer of Foro.
While the American bank sold its lending product to Foro, it will stay on as a minority investor in Foro and “continue to support the platform.” Additionally, from a personnel side, Tasnim Ghiawadwala, global head of Citi commercial bank, will join Foro’s board of directors.