Financial technology startup SellersFi has closed a new US credit facility with Citi and independent asset manager Fasanara Capital.
The credit facility for $135m has the potential to grow up to $300m as SellersFi expands.
Citi provides the senior capital with a portion from Fasanara Capital, while the mezzanine capital is offered by the independent asset manager.
Besides, Fasanara Capital is renewing its commitment to the fintech startup by continuing its support to SellersFi as a senior lender for other jurisdictions and products.
The asset manager offers flexible and new capital solutions to address SellersFi’s changing needs.
Fasanara Capital CEO Francesco Filia said: “Fasanara has been a finance partner to SellersFi since February 2020.
“This new facility builds on the existing relationship. We are excited to once again work with SellersFi and welcome the new credit facility from Citi.”
Formerly known as SellersFunding, SellersFi leverages artificial intelligence (AI)-driven credit scoring models and extensive integration with e-commerce platforms.
The firm provides working capital and cash management solutions to support e-commerce merchants seeking growth.
SellersFi also facilitates fintech innovations that enable sellers and brands to focus more on growth and achieving their business goals than bothering about funding and finance.
The fintech firm aims to utilise the new investment to further develop the company’s new product offerings, extend its portfolio, and improve its technological infrastructure.
SellersFi co-founder and CEO Ricardo Pero said: “We are delighted to secure this credit facility with Citi, one of the largest banks in the world, and having Fasanara Capital renew its trust in SellersFi’s team, strategy and products.
“In the current macro environment, this is an important milestone for enabling our growth with both existing and new partners and answering the financing needs of thousands of e-commerce businesses.”
