Silicon Valley Bank Provides $63 Million Credit Line to Denim

<p><strong>SAN FRANCISCO <&sol;strong><strong>–<&sol;strong> <a href&equals;"https&colon;&sol;&sol;www&period;svb&period;com&sol;&quest;utm&lowbar;source&equals;google&amp&semi;utm&lowbar;source&equals;google&amp&semi;utm&lowbar;medium&equals;cpc&amp&semi;utm&lowbar;medium&equals;cpc&amp&semi;utm&lowbar;campaign&equals;us-2020-01-lg-br-na-na-na-na&amp&semi;utm&lowbar;campaign&equals;us-2020-01-lg-br-na-na-na-na&amp&semi;utm&lowbar;content&equals;core-terms&lowbar;brand&amp&semi;utm&lowbar;content&equals;core-terms&lowbar;brand&amp&semi;gclid&equals;EAIaIQobChMIy57jo8fs-gIVjQatBh2BBguhEAAYASAAEgJzLfD&lowbar;BwE">Silicon Valley Bank<&sol;a><u> &lpar;SVB&rpar;<&sol;u>&comma; a division of First Citizens Bank&comma; along with lending partner <a class&equals;"external" href&equals;"https&colon;&sol;&sol;trinitycap&period;com&sol;">Trinity Capital Inc<&sol;a>&period;&comma; announced that it has provided a &dollar;63 million warehouse facility to <a class&equals;"external" href&equals;"https&colon;&sol;&sol;www&period;denim&period;com&sol;">Denim<&sol;a>&comma; a technology-forward factoring partner for freight brokers&period;<&sol;p>&NewLine;<p>The financing&comma; offered by <a href&equals;"https&colon;&sol;&sol;www&period;svb&period;com&sol;industry-solutions&sol;fintech&sol;">SVB’s national fintech practice<&sol;a>&comma; allows Denim to continue supporting the cash flow and operational needs of growing freight brokers&period; In a volatile market&comma; this support is vital for helping brokerages and fleets maximize their finances and enhance efficiency through automation&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The facility will enhance Denim’s ability to support the cash flow needs and accelerate the expansion of growing freight brokerages&comma;” said Bharath Krishnamoorthy&comma; Co-Founder and CEO of Denim&period; &OpenCurlyDoubleQuote;We are very pleased to have SVB and Trinity as partners in our mission to support the freight industry&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;With their innovative payment platform&comma; Denim is helping freight brokers simplify their back-office operations so they can focus on running their business&comma;” said Brian Foley&comma; Market Manager for SVB’s Warehouse and Fintech group&period; &OpenCurlyDoubleQuote;SVB is proud to continue our strong relationship with Denim and provide them with the financial solutions and advice they need to continue to strengthen and scale their business&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The team at Denim has built an impressive and highly functional software suite that is advancing the digitization of the expansive freight and logistics market&comma;” Steven Lambe&comma; Managing Director&comma; Warehouse Lending at Trinity Capital&period; &OpenCurlyDoubleQuote;We are excited to partner with their team to provide a flexible facility that will help support their mission and scale operations&period;”<&sol;p>&NewLine;