Alternative asset manager White Oak has acquired Finacity, which works in trade finance and working capital solutions for global companies, according to a Press release.
The acquisition will strengthen White Oak’s penetration into the asset-based working capital solutions market, the statement said.
Finacity works with hundreds of billions of dollars in trade receivables each year and facilitates non-bank transactions around the world, the statement said.
“Finacity is a market leader, and there are important synergies between their work and the work we already do at White Oak,” said Andre Hakkak, CEO of White Oak Global Advisors, in the statement. “This acquisition once again demonstrates White Oak’s commitment to being a leading global player in asset-backed capital solutions that are integral to the functioning of the global economy. In particular, Finacity’s experience in making securitization of accounts receivable and consumer assets less complex and more profitable will provide a significant benefit to our clients.
In addition, White Oak will deepen the market for asset-based working capital solutions, and the company will work with Finacity on various collaborations, such as White Oak deploying institutional capital with Finacity, the statement said.
White Oak offers a variety of loan products, including small and medium-sized business (SME) loans, trade finance, equipment loans, structured finance and more. In July, the company invested in Gupshup, a business-to-consumer (B2C) text messaging company.
Read more: B2C Text Messaging Firm Gupshup Raises Additional $ 240 Million
Other investors included Fidelity Management and Research Company, Tiger Global, Think Investments, Malabar Investments and Harbor Spring Capital, as well as accounts managed by Neuberger Berman Investment Advisers and Neeraj Arora, among others.
Gupshup raised $ 340 million in 2021 alone at the end of July. The funding will be used to accelerate the group’s vision as it continues on the path to seeking merger and acquisition opportunities and additional share purchases.