• February 19, 2019

Lighter Capital and Silicon Valley Bank Partner to Provide Pre-Venture Funded Tech Startups with Access to Capital and Banking Services - Odessa American: Business

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Lighter Capital and Silicon Valley Bank Partner to Provide Pre-Venture Funded Tech Startups with Access to Capital and Banking Services

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Posted: Wednesday, January 30, 2019 7:01 am

SEATTLE & SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan 30, 2019--Lighter Capital, the leading fintech lender to tech startups, and Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, have teamed up to better serve early stage tech companies seeking online access to debt capital and banking services. Together, Lighter Capital and SVB will provide entrepreneurs with the financial tools and support they need prior to raising a traditional round of venture funding. Entrepreneurs can access the joint offerings online ( https://svb.lightercapital.com/ ) which utilizes Lighter Capital’s technology.

Under the partnership, Lighter Capital will provide debt financing while SVB will support entrepreneurs with commercial banking solutions and guidance based on more than 35 years working with high-growth technology and life science companies. Lighter Capital has developed a fintech lending platform providing early stage startups up to $3 million in a fraction of the time it takes to raise from traditional sources.

“SVB is dedicated to helping entrepreneurs increase the probability of their company’s success and this partnership represents another way we are delivering on that mission,” said John Willard, Managing Director, Digital Partnerships at Silicon Valley Bank. “Our partnership with Lighter Capital enables early stage startups, many of which have not yet raised venture capital, to access debt capital and banking services to ignite their growth and set them on their path from pre-VC through IPO.”

Lighter Capital’s fintech underwriting platform pulls in 6,500 data points to analyze applicants, using proprietary algorithms to determine a credit rating and data science to predict a startup’s revenue growth with 97% accuracy, on average. By using objective, data-driven practices, Lighter Capital promotes diversity of ideas, perspectives and leaders — ensuring that strong, creative thinkers have access to the resources they need, when they need them.

“This partnership changes how startups are funded and grow,” said BJ Lackland, CEO of Lighter Capital. “SVB is the ideal partner for us and the startups we fund, setting them up for long term success. Tech entrepreneurs want financial services designed for their unique needs, and they want to access everything online. Lighter Capital’s fintech platform uses algorithms to predict startup performance which allows us to provide capital quickly. The SVB partnership gives startups a bundle of tailor-made solutions they can obtain at one online destination, along with access to larger amounts of debt financing as startups progress to their Series A round and beyond.”

Entrepreneurs can learn more and apply online at https://svb.lightercapital.com/. The partnership’s joint offering includes:

Lighter Capital Revenue-Based Loans, Term Loans and Lines of Credit. Lighter Capital provides $50,000 to $3 million per company and offers a discounted interest rate with the SVB-Lighter joint offering.Silicon Valley Bank’s StartUp Banking Solution. Everything a young company needs to jump-start its business from day one, including a checking account, business debit card, online banking, several wires each month, unlimited ACH payments, and more.

About Lighter Capital

Lighter Capital is a fintech company revolutionizing startup finance by offering a new funding path for early-stage tech companies. We understand that an entrepreneur’s two greatest constraints are time and money, and we’ve developed technology to fund companies quickly and easily. We provide up to $3 million of non-dilutive growth capital in a fraction of the time it takes to raise from traditional sources. Based in Seattle, we’ve provided over 500 financings to 300 companies across the US. More at www.lightercapital.com.

About Silicon Valley Bank

For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at  www.svb.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190130005225/en/

CONTACT: For Lighter Capital

Gayle LeDoux

Incendio International

Tel: 415-264-5534

Email:gayle@incendiopr.comFor Silicon Valley Bank

Eileen Nolan

Silicon Valley Bank

Tel: 650-248-3265

Email:enolan@svb.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA WASHINGTON

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET PROFESSIONAL SERVICES BANKING

SOURCE: Lighter Capital

Copyright Business Wire 2019.

PUB: 01/30/2019 08:00 AM/DISC: 01/30/2019 08:01 AM

http://www.businesswire.com/news/home/20190130005225/en

© 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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