Citi Selects Foro Holdings, Inc. to Scale Its Bridge built by Citi Platform via Strategic Investment and Sale
Foro Holdings, Inc. acquires Bridge built by Citi platform, with Citi joining as an investor and providing additional capital. Bridge connects small and medium-sized businesses with lenders for business loans. Rohit Mathur and Harte Thompson named CEO and COO of Foro, respectively. Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, joins Foro's Board of Directors.
Positive
Foro Holdings, Inc. acquires Bridge built by Citi platform, expanding its services and providing greater access to capital for SMBs.
Citi joins as an investor and provides additional capital to support the growth of Foro.
Bridge connects SMBs with more than 75 lenders nationwide, offering borrowers a high-quality experience and lenders the opportunity to diversify their businesses.
09/11/2023 - 01:54 PM
Bridge built by Citi, a digital platform that connects small and medium- sized businesses to a diverse group of lenders for business loans is acquired by Foro Holdings, Inc., a commercial lending services provider.
Citi joins Foro Holdings, Inc. investors, including TTV Capital, US Bank and Correlation Ventures, in providing additional capital to support the platform’s evolution.
Bridge built by Citi co-founders Rohit Mathur and Harte Thompson named Chief Executive Officer and Chief Operating Officer of Foro Holdings, Inc., respectively and Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, to join Foro Holdings, Inc.’s Board of Directors
NEW YORK --(BUSINESS WIRE)--
Citi today announced the acquisition of its Bridge built by Citi® platform (“Bridge”) by Foro Holdings, Inc. (“Foro”), a Charlotte -based commercial lending services provider. As part of the transaction, Citi contributed Bridge to Foro and joined Foro’s investors, including TTV Capital (TTV), US Bank and Correlation Ventures in an additional capital investment in Foro to support the continued growth of the business.
Bridge is a digital platform that connects small and medium-sized businesses (SMBs) with more than 75 lenders across the United States to provide qualifying businesses with access to capital. The platform digitally connects SMBs with lenders to offer them greater choice and convenience. Bridge provides lenders with the opportunity to diversify their businesses, broaden their customer base and offer borrowers a high-quality experience.
Foro will 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.
Citi will be a minority investor in Foro and it will continue to support the platform in various ways including ongoing connectivity with Citi’s Diverse Financial Institutions Group. In addition, Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, will join Foro’s Board of Directors.
Bridge co-founders Rohit Mathur and Harte Thompson, who collectively have 20 years of experience at Citi, have been named Chief Executive Officer and Chief Operating Officer of Foro, respectively.
“We developed Bridge to simplify and modernize the lending process for both borrowers and lenders. Our goal is to democratize access to capital for SMBs by providing a digital tool to connect with a range of lenders, while offering lenders a more efficient prospecting process and a way to expand their reach without having to build their own infrastructure,” says Mathur. “With the support of Foro, Bridge will continue to grow and provide innovative solutions for the lending market.”
"We are excited to bring in Citi as an investor and welcome Tasnim to the board. We were impressed by what Rohit and Harte have built at Citi and are excited to see our combined platform grow under Rohit's leadership,” says David Vorhoff, Foro’s Chairman of the Board.
Citi launched Bridge in 2021 as part of its long-standing commitment to inclusive access to capital and support of innovative, digital-first solutions in financial services. Since its launch, Bridge has grown from 18 lenders to more than 75 lenders on the platform nationwide. It has also established relationships with large retail corporations to provide their vendor networks with customized access to Bridge.
The concept for this innovative digital platform was conceived by Citi Commercial Bank colleagues and its growth and development has been supported within Citi’s Institutional Clients Group. Bridge is a great demonstration of Citi’s innovation strategy to identify market problems and develop solutions that drive market efficiency and serve clients.
“The success of Bridge is a testament to the power of innovation that comes from a global institution like Citi and demonstrates our ability to transform an idea into a product that has the potential to evolve business lending,” says Emily Turner, Head of Business Development for Citi’s Institutional Clients Group. “The firm’s continued investment in Foro signals our confidence in the platform and we are excited to see its impact continue to grow.”
Skadden, Arps, Slate, Meagher & Flom LLP and Davis Wright Tremaine LLP served as legal counsel to Citi. K&L Gates LLP served as legal counsel to Foro.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States . Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Foro
Foro empowers growing companies, seeking commercial loans, to access capital on their terms by connecting them with the right financial institutions. Leveraging data and insights, the platform meets the personalized needs of both businesses and financial institutions, delivering a streamlined, cost-efficient, and transparent way to build equitable relationships.
Additional information may be found at www.foro.io | Twitter: @Foro_inc | LinkedIn: https://www.linkedin.com/company/foroinc
View source version on businesswire.com: https://www.businesswire.com/news/home/20230911441349/en/
Citi Media
patricia.tuma@citi.com
Foro Media
lgomez@foro.io
Source: Citi
