Foro Holdings, Inc., a commercial lending services provider, has acquired Bridge, a digital platform built by Citigroup Inc (NYSE:C). (Citi), that connects small and medium-sized businesses (SMBs) to a diverse group of lenders for business loans. The transaction was announced on Monday.
Bridge was launched by Citi in 2021 as part of its commitment to inclusive access to capital and support of innovative, digital-first solutions in financial services. The platform connects SMBs with over 75 lenders across the United States, offering qualifying businesses access to capital and providing lenders an opportunity to diversify their businesses and broaden their customer base.
As part of the acquisition deal, Citi joined Foro's investors, including TTV Capital, US Bank, and Correlation Ventures, in providing additional capital to support the platform's evolution. Citi will be a minority investor in Foro and will continue to support the platform through ongoing connectivity with Citi's Diverse Financial Institutions Group.
Rohit Mathur and Harte Thompson, co-founders of Bridge and former Citi executives with a collective 20 years of experience at the bank, have been named Chief Executive Officer and Chief Operating Officer of Foro Holdings, respectively. Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, will join Foro's Board of Directors.
Foro plans to use the new capital investment to scale the business and expand the services it provides to SMBs, local and regional banks, community banks, Community Development Financial Institutions (CDFIs), and non-traditional lenders. This acquisition is expected to provide innovative solutions for the lending market and democratize access to capital for SMBs.
The terms of the transaction were not disclosed in the statement released on Monday. Legal counsel to Citi was provided by Skadden, Arps, Slate, Meagher & Flom LLP and Davis Wright Tremaine LLP, while Foro was legally represented by K&L Gates LLP.
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