Denim Secures $63 Million Warehouse Facility from Silicon Valley Bank and Trinity Capital Inc.

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May 30, 2024, 08:00 ET

Financing provided by SVB's National Fintech Practice and Trinity Capital Inc. (Nasdaq: TRIN)

SAN FRANCISCO, May 30, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital Inc. ("Trinity"), today announced that it has provided a $63 million warehouse facility to Denim, a technology-forward factoring partner for freight brokers.

The financing, offered by SVB's national fintech practice, allows Denim to continue supporting the cash flow and operational needs of growing freight brokers. In a volatile market, this support is vital for helping brokerages and fleets maximize their finances and enhance efficiency through automation.

"The facility will enhance Denim's ability to support the cash flow needs and accelerate the expansion of growing freight brokerages," said Bharath Krishnamoorthy, Co-Founder and CEO of Denim. "We are very pleased to have SVB and Trinity as partners in our mission to support the freight industry."

"With their innovative payment platform, Denim is helping freight brokers simplify their back-office operations so they can focus on running their business," said Brian Foley, Market Manager for SVB's Warehouse and Fintech group. "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."

"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," Steven Lambe, Managing Director, Warehouse Lending at Trinity Capital. "We are excited to partner with their team to provide a flexible facility that will help support their mission and scale operations."

As a leader in serving the fintech industry, SVB provides clients with specialized banking services, specialty financing and payment solutions including venture debt, warehouse lending, payment processing, and APIs.

About Silicon Valley Bank  

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com

About Denim

Denim is a tech-forward freight factoring partner on a mission to advance the supply chain by accelerating the movement of money and data. Denim delivers fast access to the working capital freight brokers need, when they need it. With Denim's proven, flexible factoring solutions, freight brokerages can easily manage financing options, monetize working capital, and

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth stage companies. For more information, please visit the Company's website at www.trinitycap.com.

SOURCE Silicon Valley Bank