PIRS Capital Secures $10M in Financing to Fuel Accelerated Growth
AUGUST 21, 2018
To support the growing demand of their services, PIRS Capital, a leading fintech alternative lender specializing in Merchant Cash Advances, has secured an increase to $10M of their existing credit facility from an institution specializing in providing working capital to high growth companies. PIRS previously announced their obtaining the initial facility in February 2018.
PIRS Capital is poised for a record-breaking 2018 after finishing the first half of the year with unparralled results. PIRS is on pace to grow over 50% this year, which has exceeded the high end of the company’s forecast and expectations.
“We are thrilled to have surpassed our goals and receive this financial support to boost our continued growth,” said Mitchell Rubin, CFO of PIRS Capital. “Significant investments in our technology and credit scoring models have contributed to our success, and we plan on using this additional capital to continue to evolve and expand our offerings.”
2017 marked the launch of the company’s powerful multi-variable credit model, PIRScore. Developed by an expert team of data analysts, PIRScore compliments a hands-on underwriting process to more accurately measure credit risk by taking advantage of best-in-class modeling practices and new machine learning techniques.
“Machine learning, in it’s most basic form, is the practice of using algothorims to analyze data, learn from it, and make real time predictions. With PIRScore we have harnessed the power of Machine Learning, Deep Learning, and AI, so we can fund more small businesses without raising credit risk,” said Andrew Mallinger, COO of PIRS Capital. “PIRScore is a model that evolves with every deal it analyzes. The more data we have, the better predictions we can make,” added Mallinger.
In a market crowded with options, PIRS Capital has differentiated themselves by building genuine relationships with their customers and making smart, technology-enabled funding decisions. “We value adaptability and are always looking for new opportunities to make improvements to our process to benefit our clients,” said Faisal Khan, Director of Marketing at PIRS Capital.
About PIRS Capital
PIRS Capital launched in 2013 with one objective in mind: to ensure client success when funding small businesses across the nation. Since then, PIRS has always strived to differentiate themselves for their customers and partners by making intelligent, personalized, tech-enabled business decisions that ensure mutual success. Learn more at https://pirscapital.com