News & Press
Cincinnati – Fifth Third Bank (Nasdaq: FITB) and ApplePie Capital announced new details today about their strategic partnership.
ApplePie Capital Announces Next Steps in Transforming Franchise Finance with Appointment of Chief Development Officer and Franchise Finance Company Acquisition
SAN FRANCISCO -- ApplePie Capital, the first online lender solely dedicated to the franchise industry, today announced the appointment of franchise industry veteran Ronald Feldman as chief development officer, as well as the acquisition of Funding Solutions, LLC, a well-established national franchise lending consultancy that specializes in SBA, conventional and equipment finance loans. Feldman and Funding Solutions’ managing partner Randy Jones will join ApplePie’s leadership team.
There’s an interesting statistic floating around that 71 percent of millennials would rather visit the dentist than just listen to a message from a bank. And anyone who has slogged through an SBA loan application might happily sign up for a root canal instead.
No, in the age of the internet, there’s little love for the traditional way to get a loan, the rules and the endless paperwork—if there ever was. Luckily for millennials, they can do just about all their banking through their phone. For business owners, however, banks were among their limited options.
In all those sentiments, ApplePie Capital founder and CEO Denise Thomas saw an opportunity. “It’s the way the world is going. If I can do so much on the internet, why can’t I do my financing?” pondered Thomas, who founded and self-funded the pioneering financing source in 2014.
Consumer-facing alt lenders in the US may be struggling, but business-focused lender ApplePie seems to be faring well.
The San Francisco-based fintech extends credit solely to people starting franchises, and raised a total of $16.5 million this week in a Series B round, according to the Wall Street Journal.
Fifth Third Bancorp is continuing its push into the financial technology business by investing millions in an online lender to the franchise industry.
Fifth Third (Nasdaq: FITB), the largest bank based in Cincinnati and the nation’s 13th-biggest, co-led the $16.5 million investment round in ApplePie Capital. Fifth Third teamed with Alexandria, Va.-based venture capital firm QED Investors to lead the investment. ApplePie also brought back several previous investors in this Series B round.
Fifth Third Bancorp is backing startup online lender, ApplePie Capital, which extends credit to people starting franchises of chains such as Dunkin’ Donuts and 7-Eleven, according to the two financial companies.
The move is the latest example of partnership between banks and young fintech firms, as the more established lenders seek new avenues to grow lending, and the upstarts seek access to borrowers and funding.
ApplePie Capital Enters into $180 Million Loan Purchase Agreement with TowerBrook Structured Opportunities Fund; Closes $16.5 Million Series B
New investments will fuel ApplePie’s growth and its transformation of franchise finance
San Francisco, December 12, 2016 – ApplePie Capital, the first online lender solely dedicated to the franchise industry, today announced that it has entered into a $180 million loan purchase agreement with TowerBrook Capital Partners L.P. (TowerBrook) to purchase franchise loans originated by ApplePie over a two-year period. Funding will come from TowerBrook’s Structured Opportunities Fund and a credit facility provided by SunTrust Banks, Inc. (NYSE: STI). The TowerBrook relationship will enable ApplePie to further strengthen its position as a leading provider of innovative growth financing for the franchise industry.
San Francisco, August 29, 2016 /PRNewswire/ -- ApplePie Capital, the first online lender solely dedicated to the franchise industry, today announced partnership agreements with nine new franchise brands representing over 10,000 small businesses across the United States.
New York, August 17, 2016 -- Orchard Platform, the leading technology and data provider for the online lending space, today announced that ApplePie Capital, the first online lender solely focused on the franchise industry, has been integrated into its Market Data product. As a result, institutional investors that subscribe to Orchard will gain access to detailed information about ApplePie’s loan portfolio, which features investments in highly qualified franchise brands and borrowers.
San Francisco, April 5, 2016 -- ApplePie Capital, the first marketplace lender solely dedicated to the franchise industry, today announced the appointment of Geoff Thompson as General Counsel. Thompson comes to ApplePie Capital from Simpson Thacher & Bartlett, a leading international law firm, where he advised clients on a broad range of corporate legal matters.