Stratos Technologies LLC Secures Participation From WebBank in an Asset-Based Revolving Credit Facility
SALT LAKE CITY, UT–(BUSINESS WIRE)–Stratos Technologies LLC (“Stratos”), a venture capital firm with expertise in financing, operating, and advising technology businesses, today announced it has secured leverage through a first-out participation structure with WebBank in an asset-based revolving credit facility to one of its financial technology (FinTech) portfolio clients. WebBank is a national issuer of, and capital provider to, consumer and small business credit products through Strategic Partner platforms, which includes retailers, manufacturers, finance companies, credit funds, and FinTech companies.
Stratos will leverage debt capital from WebBank to expand its best-in-class credit lending solutions to certain FinTech portfolio clients.
The new financing underscores WebBank’s confidence in Stratos’ ability to source, underwrite, structure and service lending facilities for the underlying assets that are driving through FinTech platforms in this age of digital lending transformation.
“We are pleased to be partnering with WebBank on this transaction and plan to seek additional avenues to work with the team at WebBank to facilitate the success of our portfolio companies,” says Stratos Founder and Chief Investment Officer, Rennick Palley.
“WebBank is very excited to expand its investment footprint in the FinTech space through this initial leverage transaction in partnership with Stratos,” says Jason Lloyd, President of WebBank. “We are committed to providing capital for the transformation of digital lending through FinTech platforms, and our strategies closely align with Stratos’ beliefs that technology will ultimately transform every industry.”
About Stratos
Founded in 2016 by Rennick Palley, Stratos Technologies is a venture capital firm with expertise in financing, operating, and advising technology businesses. Since inception the firm has executed over $300M in credit and equity transactions in some of the most promising high-growth, technology businesses around the globe. Stratos empowers founders to achieve their vision through rigorous engagement, strategic guidance, and capital. For more information, please visit www.stratoslp.com.
About WebBank
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, UT. As “The Bank Behind the Brand®”, WebBank is a national issuer of, and capital provider to, consumer and small business credit products through Strategic Partner (Brand) platforms, which includes retailers, manufacturers, finance companies, credit funds, and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank is a capital provider to Brand platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.
Contacts
WebBank
Shannon Hutchings
shannon.hutchings@webbank.com
Stratos
Miles Harrell
miles@stratoslp.com