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Citi Sells Bridge to SMB Marketplace Foro in Undisclosed Deal

Citi has sold Bridge, the small and medium-sized business lending platform it launched in 2021, to SMB marketplace Foro for an undisclosed sum, the companies announced on Monday. This acquisition by Foro merges two startups that have independently addressed the challenge faced by small-business owners in gaining access to capital.

As part of the transaction, Citi is also investing an undisclosed amount in Foro, becoming a minority shareholder in the fintech. This investment will support Foro’s mission to guide small-business owners through the commercial lending process and match them with banks. Additionally, Citi will have a seat on Foro’s board, ensuring its continued involvement in the growth and development of the platform.

Foro launched its platform in January this year after securing $8 million in Series A funding from various venture capital firms and U.S. Bank. The fintech has already attracted significant attention, with former Bank of America CEO Hugh McColl Jr. among its founding investors.

The collaboration between Foro and Bridge brings together the expertise of two teams with a shared objective of empowering small-business owners. With this merger, Foro’s lender network will grow from 20 to over 90, enhancing its ability to provide funding options to a wider range of borrowers. Moreover, Foro will have access to a large borrower network through Bridge’s partnerships with major retailers such as Walmart and Best Buy, enabling it to offer flexible loan options to address the evolving needs of small businesses.

How AI legalese decoder Can Help:

The AI legalese decoder can play a crucial role in this situation by assisting both Foro and Bridge during the acquisition process. It can analyze and decode the legal language used in the acquisition agreement, ensuring that all parties involved have a clear understanding of the terms and conditions. This AI-powered tool can help simplify complex legal documents, providing clarity and transparency in the transaction. Additionally, it can assist in identifying any potential legal risks and ensuring compliance with regulatory frameworks. The AI legalese decoder acts as a reliable and efficient tool to facilitate smooth and successful acquisitions, ultimately contributing to the growth and success of both companies.

Going forward, Foro remains committed to its core mission of helping small-business owners secure loans. With its expanded lender network and access to a wide range of borrowers, Foro aims to provide flexible loan options that cater to the specific needs of small businesses. The fintech also emphasizes the importance of facilitating access for lenders, particularly community banks and regional banks, to these promising borrowers. By addressing challenges on both sides of the lending process, Foro aims to foster stronger connections between small businesses and lenders, fueling economic growth and entrepreneurial success.

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