News & Press
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.
32 Brands Now Participating At Leading Marketplace For Franchise Loans
San Francisco, February 29, 2016 – ApplePie Capital, the first marketplace lender solely dedicated to the franchise industry, today announced partnership agreements with nine new franchise brands representing over 9,000 small businesses across the United States. The new partners include Craft Beer Cellar, Dunkin' Donuts, Genius Kids, Giordano’s Pizza, Jan-Pro Cleaning Systems, One Stop Nutrition, Orangetheory Fitness, SERVPRO, and Zoup!
24 Brands Now Participating At Leading Marketplace For Franchise Loans
San Francisco, October 20, 2015 – ApplePie Capital, the first marketplace lender solely dedicated to the franchise industry, today announced new partnership agreements with East Coast Wings & Grill, Forever Yogurt, Jersey Mike’s, Pinot’s Palette, Salons by JC, and Uncle Maddio’s Pizza Joint. Each franchise brand has been pre-qualified by ApplePie Capital in order to provide an efficient financing alternative for their franchisees.