Posted: 10 May, 2019
Bynder completes capital facility to support its global growth
LONDON – May 2, 2019 – Wells Fargo Capital Finance (UK) Limited, a unit of Wells Fargo Commercial Capital, announced today that it has provided a senior-secured credit facility to Bynder B.V., a provider of cloud-based digital asset management software.
Bynder, backed by Insight Venture Partners, is one of the leading enterprise Software as a Service (SaaS) solutions for content and brand lifecycle management. The company has grown rapidly since its 2013 founding, employing more than 300 people across seven offices worldwide.
Wells Fargo’s credit facility refinanced previous debt facilities that supported Bynder’s 2018 acquisition of U.S.-based WebDAM and will be used to provide a platform for the company’s growth. Structured as a recurring revenue-based cash flow loan, the facility aligns with Bynder’s growth trajectory and is intended to provide further support for both organic and inorganic expansion.
Wells Fargo is the sole lender in the facility and worked closely with the Bynder team, Insight Venture Partners, and Deloitte (Netherlands) in the financing process.
“This is a positive signal for the European tech industry, showing an increased confidence in recurring revenue models and our future growth ambitions,” said Chris Hall, chief executive officer of Bynder. “The European SaaS industry is maturing and we’re excited to partner with Wells Fargo, as the bank will help support us towards an exciting future.”
“Wells Fargo is delighted to be backing Bynder, which is one of the most exciting SaaS companies in Europe, and we look forward to working with them during the next phase of their global expansion,” said James Cunnah, associate director, Technology Finance, Wells Fargo Capital Finance UK. “We are finding that software companies are increasingly turning to recurring revenue-based facilities, as they can be more flexible and supportive for growing businesses, and Bynder represents a fantastic example of how this approach can work far better than traditional financing options.”
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides comprehensive asset-based lending, supply chain finance, and technology finance to a wide spectrum of companies across the UK. With offices in London, Birmingham, and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. We deliver flexible financing options for companies facing a variety of situations, including: early and mid-stage turnarounds, growth, leveraged buyouts, refinancing, restructurings, mergers and acquisitions. As part of Wells Fargo & Company, a leading financial services provider with a long-standing reputation for strength and stability, we can also provide access to a wide range of products and services aimed at helping companies succeed.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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