Percent – a platform that has created a modern credit marketplace – announced the successful close of a $29.7 million Series B funding round, more than doubling the company’s total funding at $48.2 million. This funding round was led by White Star Capital with participation from existing investors such as B Capital Group, and notable new investors, including Susquehanna Private Equity Investments LLLP, BDMI, Forte Ventures, and Vectr Fintech. This funding round also included several strategic investors including Evolution VC and Global Fintech Venture Partners.
Along with this round being oversubscribed, this latest funding round is proof of the incredible demand for Percent’s platform and its growing success, and the confidence of investors in its future. And Percent has disrupted private capital markets by offering a transparent and data-powered infrastructure for the historically opaque asset class for borrowers, underwriters, and investors.
Private credit has never been more in demand. And Preqin is forecasting that private debt will continue to grow to $2.3 trillion by 2027. With the recent bank failures drawing more regulatory scrutiny, the demand for private credit has surged once again, similar to what happened after the global financial crisis of 2007. These have all acted as positive tailwinds for Percent and the industry at large.
Percent’s approach essentially brings novel public market efficiencies to the analog-era private debt markets at a pressing time. And by powering the sourcing, structuring, syndication, and servicing of private credit transactions from beginning to end, Percent organizes a fragmented market, bringing understanding and access through its platform. And as private credit’s popularity continues to rise, demand has positioned Percent’s platform as the go-to solution in today’s volatile market.
KEY QUOTES:
“Our vision of building the first ever vertical SaaS solution for an archaic and broken industry is paying off, with equity investors realizing the magnitude of what we’ve built and its immense potential. Recent events in the financial and startup world have pushed private credit into the spotlight. In this new normal, equity is hard to come by, and debt can be the best option for all market participants – borrowers, investors and underwriters, illustrating private credit’s value proposition. We’re grateful for our core and new strategic partners’ confidence and support, and believe this funding underscores our momentum and opportunity.”
— Nelson Chu, founder and CEO of Percent
“The global private debt market is massive, and its growth shows no signs of slowing. Percent is developing the first-ever end-to-end infrastructure solution for the private debt markets, which addresses a massive trillion-dollar market and taps a real need for alternative investment sources across the startup ecosystem. We’re really excited to continue backing Nelson and his team as the lead investor in this latest round, that includes some excellent new investors, which will provide Percent with a strategic edge in their next stage of growth.”
— Eddie Lee, General Partner at White Star Capital
