Bizcap, a financial technology company, has closed a $175 million credit facility with a US institutional credit manager. The company provides funding to small and medium-sized businesses, and it says the facility will let it help more businesses in the United States and Canada.
Bizcap says it uses proprietary technology and data-driven underwriting to help businesses reach capital beyond traditional financing options. The company says it can make funding decisions in as little as 3 hours, with capital available the next day.
Bizcap was founded in Australia in 2019. It has since expanded into eight countries, and it says it has provided more than $5 billion in funding to over 100,000 businesses worldwide.
The company says the facility will support its continued international expansion across North America, Australia, New Zealand, Southeast Asia, the United Kingdom and Europe. It will also allow Bizcap to invest further in AI, proprietary technology and operational infrastructure. The company says it has put substantial resources into AI and machine learning for credit decisioning, operational efficiency and faster funding decisions.
The Florida Angle
Bizcap recently set up its North American headquarters in Miami. CEO Albert Gahfi is based in Miami.
In comments to Refresh Miami, Gahfi said Miami is important to the company's expansion plans. He also said Bizcap is moving into its new headquarters at The Well in Bay Harbor. The headquarters move was announced this summer.