Bridge Bank Extends $10MM Growth Capital Term Loan to Zipari
BOSTON, Oct. 29, 2019 /PRNewswire/ -- Bridge Bank today announced it has extended a growth capital term loan to Zipari, a growth-stage technology company that offers the first and only consumer experience platform built specifically for health insurance. Zipari recently launched their CX Engagement Hub which prioritizes goals based on value and measures ROI of consumer engagement. The term loan will provide growth capital to further supplement Zipari's recent and abundant growth, and comes on the heels of a $15MM equity raise.
"We're thrilled to advance our relationship with Bridge Bank through this credit facility," said Mark Nathan, founder and chief executive officer of Zipari. "2019 has been a year of tremendous growth for Zipari – we've expanded our client base, solution offerings and talent. This credit facility will allow us to continue to help our payer clients enhance the consumer experience through the development of new and existing solutions like our CX Engagement Hub, which enables health plans to improve the health of their members."
"Zipari is fast-growing and recognized that Bridge Bank has the expertise and structuring abilities, to provide our clients with the best, flexible financial solutions," said Brendan Carr, associate vice president in Bridge Bank's Technology Banking Group. "We look forward to building a strong relationship and to their continued growth and success in the healthcare industry."
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their growth ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country along with Western Alliance Bank's powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country's top-performing banking companies, Western Alliance is ranked #1 regional bank by S&P Global Market Intelligence for 2018 and in the top 10 on the Forbes "Best Banks in America" list for four consecutive years, 2016-2019. For more information, visit bridgebank.com.
About Zipari
Based in Brooklyn, New York, Zipari is a technology startup that develops products for health insurance carriers to engage with consumers in new and innovative ways. With unsurpassed technology, Zipari's products provide real-time insights at every touchpoint, delivering a breakthrough consumer experience that health insurers want and their members seek. Zipari now serves more than 10 million members via their payer customers. Zipari's primary investor is Vertical Venture Partners, a venture capital firm focused on investments in companies that target specific vertical markets. For more information about Zipari, please visit http://www.zipari.com
SOURCE Bridge Bank
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