Fora Financial LLC, a New York City-based technology-enabled provider of financing to small- and medium-sized businesses nationwide, received an investment of undisclosed amount.
Palladium Equity Partners, LLC, a private investment firm with over $2.0 billion in assets under management, made the investment in partnership with the co-founders and management of the company. Following the close of the transaction, the two founders, CEO Jared Feldman and President Dan Smith, will continue to lead Fora.
The company will use the proceeds to grow operations, including new partnerships, expanded product offerings and increased lending capabilities.
Founded in 2008, Fora Financial offers loans and merchant cash advances of between $5,000 and $500,000 to small businesses throughout the country. Since inception, the company has provided total funding of nearly $400m to more than 8,000 businesses.
Fora Financial recently expanded its offices to accommodate over 100 employees.