PaymentCloud secures $10 million credit facility from Espresso Capital
Encino, Calif., — June 24, 2021 — Espresso Capital announced today that it has provided a $10 million credit facility to PaymentCloud, a leading provider of credit card processing solutions for retail, eCommerce, and non-traditional businesses. The company will use the capital to fuel its continued growth.
“We’re excited to be partnering with Espresso to access the capital we need to expand our business,” says PaymentCloud CEO Shawn Silver. “There are so many opportunities in the payments space right now that we can take advantage of. With the credit facility from Espresso, we’ll be able to grow our core business by making strategic investments in marketing and product development, expanding our team with some important new hires, and further enhancing our overall position.”
The financing marks the first time PaymentCloud has raised outside capital. “Although we’ll eventually look to raise equity, we have so much growth potential right now that we didn’t see any reason for dilution to fund additional growth,” notes Silver. “Venture debt was the obvious choice for a successful business like ours.” Expected growth was a contributing factor to PaymentCloud’s decision to expand its workforce and office space in recent months.
“The payment processing industry is evolving quickly and growing fast,” says Espresso Executive Director, Steven Michau. “Shawn and his team have built a great company with a model that works and that’s both profitable and predictable. We see a lot of upside potential for the business as they continue to invest for growth.”
Recognized as No. 295 on the national Inc. 5000 list of Fastest Growing Private Companies in 2020, PaymentCloud is quickly establishing itself as a maverick in the payments industry. The company was recently shortlisted for fastest-growing companies in the Los Angeles and San Fernando Valley areas, as well as by the Financial Times. The company has grown by more than 1,500 percent over the past five years.
“Working with Espresso has been a great experience,” Silver continues. “It’s an excellent team and one that instantly made us feel comfortable. We knew we were in good hands. We’ll definitely expand our partnership over time as we look to further grow the business both organically and through strategic acquisitions.”
With 80+ employees newly upgraded to a 17,000-square-foot space in Encino, California, this dynamic group of young payment professionals facilitate credit card processing for merchants spanning a multitude of industries. An easy application, transparent approval process, and hundreds of integration options set PaymentCloud apart. While on the partnership side of things, PaymentCloud’s dedicated department works with over 80 percent of top digital ISOs that utilize its hard-to-place program for its seamless submission process, efficient onboarding, and management tools at just the click of a button.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 290 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.