YipitData, a NYC-based market research firm, received a debt facility from CIBX Innovation Banking.
The amount of the deal was not disclosed.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Steven Seperson, YipitData provides a alternative data insights platform for investment funds and large corporations. It analyzes billions of data points every day to provide insights on ridesharing, e-commerce marketplaces, payments and more. Existing investors in the company included Carlyle (NASDAQ: CG), and Norwest Venture Partners.
Commenting on the news, Steven Seperson said: “While our previous credit facility was not set to mature for another few years, we took this opportunity to reduce our borrowing costs. This new debt commitment demonstrates the strength of our business and provides us with the flexibility to support our strategy.”
FinSMEs
13/06/2024