News & Press
San Francisco-based ApplePie Capital raised $6.5 million in a Series C round and reached an agreement with First Internet Bank to purchase $100 million in ApplePie loans made to franchisees.
ApplePie is enjoying dramatic growth, recently surpassing $1.25 billion in loans originated to franchisees of more than 200 franchise brands since it began lending in 2015. That includes more than $330 million in Paycheck Protection Program loans ApplePie made, working with Cross River Bank and other partners to lend through the SBA relief effort.
ApplePie’s cumulative loan-loss rate is 1.6% since 2015. That’s not a typo.
ApplePie Capital Raises $6.5 Million in Series C Funding; Surpasses $1.25 Billion in Loan Originations Since Inception
New investment will fuel ApplePie’s growth and its continuing transformation of franchise finance.
San Francisco – First Internet Bank and ApplePie Capital today announced a loan purchase agreement to provide financing solutions for franchisees.
ApplePie is excited to announce that Kirk Inglis has joined our team as Chief Financial Officer
When it comes to multi-unit expansion, access to the right capital, at the right time, with the right financial partner can be a game-changer in ensuring success. With a fresh approach to franchise financing—and the only lender dedicated to the industry—ApplePie Capital knows franchising and understands the unique needs of franchisees at every stage of growth.
“When someone comes to us, the first thing we want to know is what their plans are for growth, and for succession or exit,” says Ron Feldman, ApplePie’s Chief Development Officer. “Your exit plan – how long you want to run these units – can affect what kind of loan you get.”
ApplePie’s teams are brand specialists. Armed with well-defined goals and a snapshot of your financial picture and operations, ApplePie takes a consultative approach to create and execute a custom multi-unit financing strategy that ensures development stays on track.
ApplePie is excited to announce that Eric Reusch has joined our team as Chief Risk Officer & Head of Capital Strategy.
San Francisco – ApplePie Capital, the first and only online lender dedicated to franchising, announced that it recently surpassed $300 million in loans originated to franchise entrepreneurs opening or expanding their businesses.
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.