PIRS Capital, a leading fintech alternative lender specializing in Merchant Cash Advances, has secured an increase to $20M of their existing credit facility from an institution specializing in providing working capital to high growth companies. PIRS Capital announced their obtaining the initial facility in February 2018.
This new round of financing further positions PIRS Capital as an industry leader and trusted source of working capital for small businesses nationwide. The company achieved breakthrough results in 2019 and capped off the year strong with:
- 73% growth in funding’s
- 57% growth in revenues
- 53% growth in submission volume
“PIRS Capital is turning into a power player within the Merchant Cash Advance industry.” stated Chief Operating Officer Andrew Mallinger. “We have the team and infrastructure in place to continue on this trajectory and our partners continue to grow alongside us. As we approach this new year the sky continues to be the limit and we are excited to push forward in our mission to support and grow small businesses across the country.”.
In August 2019, PIRS Capital announced ranking No. 1770 on Inc. Magazine’s annual Inc. 5000 list of the nation’s fastest growing private companies. Shortly after, they were recognized by Crain’s New York in November 2019, as one of the 50 fastest growing companies in the New York Metropolitan area alongside companies such as Peloton Interactive, Policygenius, Oscar, and many other well-known names that made the exclusive list.
“Our customers and our partners are always the driver of any decision or investment we make as a company and an outstanding 2019 validates that our mission of providing intelligent credit decisions paired with exceptional customer service is resonating.” said Faisal Khan, Director of Marketing at PIRS Capital.
PIRS Capital will use the proceeds of this round to accelerate its industry leading growth rate with substantial upgrades to their technology and advancements to their credit scoring models. “2019 was a big year for PIRS Capital, one marked by significant accomplishments, and at our current rate of growth, 2020 stands to be even bigger,” said Mallinger.
