New York, October 19, 2021: ByzFunder, the leading non-bank Fintech company, announced a significant upsizing of existing financing from strategic partner Old Hill Partners of up to $40 million. This financing round comes as a substantial increase from Old Hill Partners’ first facility of $12 million in 2020.
In September, ByzFunder closed its record financial performance exceeding $12 million in originations. The finance upsizing from Old Hill enhances ByzFunder’s position as an emerging leader in the business alternative financing space. It provides the assistance needed to advance near-term and long-term priorities in preparation for an anticipated period of significant innovation, growth, and expansion into additional credit tiers.
Ilya Fridman, CEO expressed enthusiasm and confidence about the path ahead; “We have a very exciting journey ahead of us. Our people continue to rally together and outperform with an absolute commitment to excellence, and our platform continues to grow stronger, more advanced, and more capable. With Old Hill, the exceptional team of investors, and upsizing of financial resources that their partnership brings, we can accelerate ByzFunder’s already impressive growth trajectory, expanding our balance sheet to fully service business owners.”
Old Hill Partners Inc. is an alternative asset manager focused on asset-based lending transactions with borrowers seeking $10 to $50 million in financing. The firm structures senior secured debt in the form of term, drawdown, and revolving-to-term facilities of up to four years and loan-to-value ratios in the range of 35% to 85%. Collateral types include pools of loans or leases (specialty finance), receivables, inventory, machinery, and equipment.
“We have been impressed by the quality of ByzFunder’s originations, performance to date, exceptional leadership, disruptive business model, innovative technology, and the overall quality of their operations. We believe the company is well-positioned for further growth, and we are pleased to be part of it,” said Peter Faigl, Senior Portfolio Manager at Old Hill.
ByzFunder NY LLC is a leading non-bank financing company that has successfully provided small to medium-sized businesses with fast and convenient financing alternatives since 2018. ByzFunder combines technology and non-traditional credit algorithms to offer attractive pricing and exceptional customer service to a market not captured by traditional banks.