FREMONT, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Safetrust, a pioneer in virtual credential solutions, announces the closing of a $6 million credit facility provided by LSQ Funding Group, L.L.C. (“LSQ”) to help fund Safetrust’s working capital needs to support its exponential growth.
Safetrust's mobile credential solutions facilitate physical and digital identity modernization at a significantly lower cost than other contemporary options with a quicker time-to-value. Using over-the-air virtual credentials stored in mobile phones or wearables, Safetrust enables people to seamlessly identify themselves to corporate and membership resources — all by leveraging existing infrastructure. Upgrading to the Safetrust platform, organizations can provide touchless access, resource intelligence, contact tracing and additional security.
Headquartered in Fremont, California, the company recently added US-based sales, marketing, developer support, channel and customer success employees to the team to serve its expanding customer base.
"This credit facility provides an excellent, cost-effective financial vehicle by which we can enhance our liquidity to accommodate the projected increase in revenue from our rapid growth and a substantial pipeline of pilots that are currently underway,” said Jason Hart, CEO of Safetrust. “We look forward to continued success heading into 2021 and driving long-term value creation for our shareholders."
“On behalf of the entire Safetrust team and our stakeholders, we are grateful for the effort that LSQ put into making this deal come about,” added Kevin McBride, CFO of Safetrust. “This facility supports our working capital needs and allows future growth capital to be used for delivering our solutions to more customers.”
“We’re excited to offer creative working capital facilities for companies, like Safetrust, who are entering hyper-growth,” added Elena Anemogiannis, Regional Vice President of Sales. “Our credit facility is designed to be flexible and scale with Safetrust as they grow, allowing them to remain focused on their pipeline and product. Having access to a third option, outside of traditional debt or equity, has the potential to rewrite their growth story.”
“Safetrust is positioned to become a disruptive force in the physical security industry. We think they have the technology and team in place to position them for success,” said Dan Ambrico, Chief Executive Officer of LSQ. “We are pleased to provide a specialized working capital facility, giving Safetrust the tools needed to continue to grow their operations and take advantage of future opportunities.”