Squire Secures $35 Million in Debt Financing from Silicon Valley Bank

Rhea-AI Summary

Silicon Valley Bank (SVB), a division of First Citizens Bank, has provided $35 million in debt financing to Squire Technologies, a company offering management and POS systems for barbershops. The funding, provided through SVB's Enterprise Software Group, will help Squire expand its platform and drive innovation. Founded in 2015, Squire's comprehensive platform includes tools for CRM, appointment management, analytics, and POS systems, helping barbershop owners streamline operations, manage clientele, and increase revenue.

Positive

• Secured $35 million in debt financing from Silicon Valley Bank
• Funding will support platform expansion and innovation

Negative

• None.

Insights

Financial Analyst

The $35 million debt financing from Silicon Valley Bank represents a significant capital injection for Squire Technologies, though its impact on First Citizens Bank (FCNCA) is relatively minor given the bank's scale. This deal demonstrates SVB's continued focus on enterprise software lending post-First Citizens acquisition and its strategic push into specialized vertical SaaS solutions.

The financing through SVB's Enterprise Software Group aligns with First Citizens' strategy to maintain SVB's tech-focused lending expertise while leveraging its strong balance sheet. For FCNCA shareholders, this showcases the bank's ability to execute on the SVB integration and maintain its specialized lending relationships in the technology sector.

Financing provided by SVB's Enterprise Software Group

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided $35 million in debt financing to Squire Technologies Inc., a leading full-scale management and point of sale (POS) system that helps barbershop owners scale their businesses and increase clientele while also reducing the amount of time spent in back-office operations.

Backed by new financing from SVB's Enterprise Software Group, Squire is poised to drive ongoing innovation and expand its industry-leading platform, streamlining operational efficiency and growing revenue for barber businesses.

"Partnering with Silicon Valley Bank allows us to build on our strong foundation and accelerate our mission of delivering exceptional tools tailored to the needs of our clients," said Dave Salvant, Co-Founder and President of Squire Technologies.

Founded in 2015 by Songe LaRon and Dave Salvant, Squire provides a comprehensive business management platform designed to elevate barbershop operations with integrated tools for Customer Relationship Management (CRM), appointment management, analytics, and point of sales (POS) systems. Through the Squire platform, barber businesses attract and retain customers, manage operations, increase revenue, and manage appointments and services all in one place.

"With its innovative platform, Squire provides tools tailored to the specific needs of barbershops allowing business owners to effectively manage their clientele and payment operations while successfully running their business," said Simon Keyes, co-head of SVB's Enterprise Software group in New York. "SVB is pleased to continue our long-standing relationship with Squire by expanding our initial credit facility and providing financial solutions to help them continue to grow and scale their business."

About Silicon Valley Bank 
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com

About Squire
SQUIRE is the leading business management system designed for the needs of barbers, shop owners, and their communities. They provide custom tools, resources, and guidance to help barbers of all stages and experience levels attract and retain more customers, efficiently manage their shop operations, and increase their revenue. From streamlined booking and opening new shops to real-time earning dashboards and building lasting customer relationships, SQUIRE supports shop owners in seamlessly bridging the gap between their personal craft and business goals. Founded in 2015, SQUIRE is trusted by barbers in 3,000+ shops and processes over $1B in payments in more than a thousand cities around the globe. For more information, visit http://www.getsquire.com

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SOURCE Silicon Valley Bank

FAQ

How much debt financing did Squire Technologies receive from Silicon Valley Bank in November 2024?

Squire Technologies received $35 million in debt financing from Silicon Valley Bank in November 2024.

What will Squire Technologies use the $35 million SVB financing for?

The financing will be used to drive ongoing innovation, expand their platform, streamline operational efficiency, and grow revenue for barber businesses.

When was Squire Technologies founded and who are its founders?

Squire Technologies was founded in 2015 by Songe LaRon and Dave Salvant.

What services does Squire Technologies' platform provide to barbershops?

Squire provides a comprehensive business management platform with integrated tools for CRM, appointment management, analytics, and point of sales (POS) systems.