Citi has sold Bridge, its online lending marketplace for SMEs, to Foro Holdings, a Charlotte-based commercial lending service provider.
As part of the transaction, Citi joined Foro’s investors, including TTV Capital (TTV), US Bank and Correlation Ventures in an additional capital investment in Foro to support the continued growth of the business.
Launched in 2021 as an inhouse developed platform with an initial panel of 18 lenders, Bridge now connects small and medium-sized businesses (SMBs) with more than 75 lenders across the United States to provide qualifying businesses with access to capital.
Foro will use the new capital investment to scale the business and expand the services it provides to SMEs, local and regional banks, community banks, Community Development Financial Institutions (CDFIs) and non-traditional lenders.
Bridge co-founders Rohit Mathur and Harte Thompson, who collectively have 20 years of experience at Citi, have been named chief executive officer and chief operating officer of Foro, respectively.
"We developed Bridge to simplify and modernise the lending process for both borrowers and lenders. Our goal is to democratize access to capital for SMBs by providing a digital tool to connect with a range of lenders, while offering lenders a more efficient prospecting process and a way to expand their reach without having to build their own infrastructure," says Mathur. "With the support of Foro, Bridge will continue to grow and provide innovative solutions for the lending market."