Published:
FTRANS Raises $3 Million From Current Investor Group; Achieves 300 Percent Growth in 2008
ATLANTA, Jan. 7 /PRNewswire/ -- FTRANS Corp. announced today that its
current investors have committed an additional $3 million in capital, which
brings the total investment in FTRANS to approximately $18 million. FTRANS is
backed by investments from Total Technology Ventures LLC, Greenhill SAVP and
New Atlantic Ventures. All three participated in the $3 million Series C
raise.
"2008 was a watershed year for FTRANS," said John Hayes, FTRANS Founder
and Chairman. "Our technology platform is enabling banks to safely return to
commercial lending at the most crucial moment in American banking history. The
commitment of our investors, coupled with our deepened management team, leaves
FTRANS poised for even more growth in 2009."
Founded out of the Atlanta Technology Development Corp. at Georgia Tech,
FTRANS grew by more than 300 percent in 2008, and added key leadership
including Dan Drechsel as CEO. Drechsel joined FTRANS after a career with
financial technology leaders such as S1 Corp., Checkfree Corp. and ADP.
FTRANS provides banks with a program that supports commercial lending to
small and mid-cap businesses. FTRANS allows B2B customers to outsource to the
lender their accounts receivables in return for access to working capital.
FTRANS makes those accounts receivables transparent and lendable collateral
for the bank. More than 40 banks, including Synovus Financial Corp., have
joined the FTRANS network that now serves more than 30,000 business sellers
and buyers worldwide.
FTRANS' program enables banks to immediately increase their profit within
existing commercial and business loan portfolios, achieve ongoing profit
improvement, and establish a sustainable program for increased lending to
small to medium size businesses. FTRANS provides enhanced portfolio visibility
and stability through real-time collateral monitoring as well as reduced
collateral risk with credit protection.
"FTRANS is fulfilling its promise to change the way in which small
businesses access working capital and is empowering banks to reach the small
to medium business sector more effectively," said Brian Hirsch, managing
director of Greenhill SAVP. "We continue to see enormous market opportunity
for our investment."
SOURCE FTRANS Corp.
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