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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“America is a essential precedence for us,” stated Anders Torpe Christoffersen, chief monetary officer at YouLend.
“We’re thrilled to speed up origination development by way of this facility with Castlelake.”
Castlelake is an alternate funding agency that specialises in asset-based non-public credit score. Canada’s Brookfield Asset Administration introduced plans to purchase a majority stake in Castlelake earlier this yr.
That is the most recent settlement between YouLend and Castllake, constructing on an current relationship between the 2 companies throughout a number of geographies in Europe.
In 2023, funds managed by Castlelake offered subordinated debt to help YouLend UK’s non-public securitisation transaction.
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“Castlelake is happy to broaden its current relationship with YouLend by way of this new financing facility for US retailers,” stated Alex Curcio, associate, specialty finance at Castlelake. “We consider the worldwide SMB finance sector provides fascinating asset-based funding alternatives for institutional traders and that personal credit score options are taking part in an more and more vital position in assembly the demand for capital from SMBs.”