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Foro acquires Bridge by Citi

Wednesday 13 September 2023 15:20 CET | News

Foro Holdings has acquired Bridge, a digital platform built by Citi to connect SMBs to a diverse group of lenders for business loans.

As part of the transaction, Citi joined Foro’s investors, including TTV Capital, US Bank, and Correlation Ventures in additional capital investment to support the growth of the business.

Bridge connects SMBs with more than 75 lenders across the US to provide qualifying businesses with access to capital. Moreover, Bridge provides lenders with the opportunity to diversify their businesses, broaden their customer base and offer borrowers an efficient experience.

According to the press release, Foro will use the new capital investment to scale the business and expand the services it provides to SMBs, local and regional banks, community banks, Community Development Financial Institutions (CDFIs), and non-traditional lenders. Furthermore, Citi will be a minority investor in Foro and will continue to support the platform in various ways. This includes ongoing connectivity with Citi’s Diverse Financial Institutions Group. 

Foro Holdings has acquired Bridge, a digital platform built by Citi to connect SMBs to a diverse group of lenders for business loans.

 

History behind Bridge built by Citi 

Citi launched Bridge in 2021 as part of its commitment to inclusive access to capital and support of digital-first solutions in financial services. Since its launch, Bridge has grown from 18 lenders to more than 75 lenders on the platform nationwide. Moreover, Citi states that the digital platform has also established relationships with various retail corporations to provide their vendor networks with customised access. Its growth and development have been supported within Citi’s Institutional Clients Group as a demonstration of Citi’s strategy to identify market problems and develop solutions that aim to drive market efficiency and serve clients. 

About Citi 

Citi is a banking partner for institutions with cross-border needs, a global player in wealth management and a personal bank in its home market of the US. Citi currently operates in about 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services. 

In August 2023, Citi invested in Rextie, a Peru-based fintech specialised in FX services, while also integrating its FX technology into the latter’s currency exchange services. Through CitiFX Pulse and Instant Payments, Rextie’s clients would experience a service with automated, real-time payments, greater liquidity, as well as competitive rates.  

About Foro 

Foro aims to enable growing companies seeking commercial loans to access capital on their terms by connecting them with financial institutions. Leveraging data and insights, the platform meets the personalised needs of both businesses and financial institutions, delivering a simplified, efficient, and transparent way to build relationships. 

Source: Link


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Keywords: fintech, SMEs, lending
Categories: Banking & Fintech
Companies: Citi
Countries: United States
This article is part of category

Banking & Fintech

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Citi

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