Embedded financing plaform YouLend has secured a $1bn (£770m) financing facility with Castlelake to develop its enterprise within the US.
The three-year facility, between funds managed by Castlelake and YouLend, will allow YouLend to lend extra to US small- and medium-sized companies.
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“The US is a vital precedence for us,” mentioned Anders Torpe Christoffersen, chief monetary officer at YouLend.
“We’re thrilled to speed up origination development by this facility with Castlelake.”
Castlelake is an alternate funding agency that specialises in asset-based personal credit score. Canada’s Brookfield Asset Administration introduced plans to purchase a majority stake in Castlelake earlier this 12 months.
That is the most recent settlement between YouLend and Castllake, constructing on an current relationship between the 2 corporations throughout a number of geographies in Europe.
In 2023, funds managed by Castlelake supplied subordinated debt to help YouLend UK’s personal securitisation transaction.
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“Castlelake is happy to increase its current relationship with YouLend by this new financing facility for US retailers,” mentioned Alex Curcio, companion, specialty finance at Castlelake. “We consider the worldwide SMB finance sector provides attention-grabbing asset-based funding alternatives for institutional buyers and that personal credit score options are enjoying an more and more essential function in assembly the demand for capital from SMBs.”
