Squire Secures $35 Million in Debt Financing from Silicon Valley Bank

News provided by

Nov 19, 2024, 09:00 ET

Financing provided by SVB's Enterprise Software Group

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced it has provided $35 million in debt financing to Squire Technologies Inc., a leading full-scale management and point of sale (POS) system that helps barbershop owners scale their businesses and increase clientele while also reducing the amount of time spent in back-office operations.

Backed by new financing from SVB's Enterprise Software Group, Squire is poised to drive ongoing innovation and expand its industry-leading platform, streamlining operational efficiency and growing revenue for barber businesses.

"Partnering with Silicon Valley Bank allows us to build on our strong foundation and accelerate our mission of delivering exceptional tools tailored to the needs of our clients," said Dave Salvant, Co-Founder and President of Squire Technologies.

Founded in 2015 by Songe LaRon and Dave Salvant, Squire provides a comprehensive business management platform designed to elevate barbershop operations with integrated tools for Customer Relationship Management (CRM), appointment management, analytics, and point of sales (POS) systems. Through the Squire platform, barber businesses attract and retain customers, manage operations, increase revenue, and manage appointments and services all in one place.

"With its innovative platform, Squire provides tools tailored to the specific needs of barbershops allowing business owners to effectively manage their clientele and payment operations while successfully running their business," said Simon Keyes, co-head of SVB's Enterprise Software group in New York. "SVB is pleased to continue our long-standing relationship with Squire by expanding our initial credit facility and providing financial solutions to help them continue to grow and scale their business."

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 Squire
SQUIRE is the leading business management system designed for the needs of barbers, shop owners, and their communities. They provide custom tools, resources, and guidance to help barbers of all stages and experience levels attract and retain more customers, efficiently manage their shop operations, and increase their revenue. From streamlined booking and opening new shops to real-time earning dashboards and building lasting customer relationships, SQUIRE supports shop owners in seamlessly bridging the gap between their personal craft and business goals. Founded in 2015, SQUIRE is trusted by barbers in 3,000+ shops and processes over $1B in payments in more than a thousand cities around the globe. For more information, visit http://www.getsquire.com

SOURCE Silicon Valley Bank