- Zebit (ZBT) has expanded its debt facility with Bastion Consumer Funding as it looks to grow its reach and bolster its eCommerce platform
- The California-based company previously had a facility for up to US$15 million (roughly A$19.3 million) but this has been increased to US$35 million (roughly A$45 million)
- All other terms of the facility remain the same as the original agreement
- The company listed in October last year after raising $35 million through its initial public offering
- Zebit is up 2.42 per cent to $1.06 per share
Zebit (ZBT) has expanded its debt facility with Bastion Consumer Funding as it looks to grow its reach and bolster its eCommerce platform.
Headquartered in Stamford, Connecticut, Bastion provides credit solutions to emerging financial technology businesses and has increased its commitment from up to US$15 million (roughly A$19.3 million) to US$35 million (roughly $45 million). All other terms of the facility remain the same as the original agreement.
“We look to invest in businesses with cutting edge technology that breaks through the current marketplace environment,” said Jay Braden, CEO of Bastion.
“Zebit has demonstrated strong financial performance and a lasting business model through their underwriting,” he added.
Zebit said the expanded facility will help to provide more consumers access to its platform, which offers a selection of products and store credit that can be used to pay for purchases over a six-month period.
Steve Lapin, Zebit’s CFO, said he is eager to continue scaling the business in partnership with Bastion.
“The increased facility size strengthens our balance sheet further and we expect it will support the Company’s growth beyond 2021,” he concluded.
The revised deal follows Zebit’s initial public offering that was completed in October last year, raising $35 million that has since been used to grow the platform’s presence to all 50 states in America.
Zebit is up 2.42 per cent to $1.06 per share at 4:36 pm AEDT.