Customers Bank Starts Technology, Venture Banking Unit
PHOENIXVILLE PA – The start of a national technology and venture banking group, which intends to serve early, growth, and late-stage technology companies, was announced Monday (Jan. 3, 2022) by Customers Bank. It operates branch offices in Phoenixville and Kimberton, as well as elsewhere in southeastern Pennsylvania and several other states.
Many of its clients will have previously raised outside equity capital, it added.
The unit intends to provide “unique financial products and structures designed specifically to meet the needs of technology and venture businesses in all life-cycle stages,” the bank said. They include “growth capital term loans, monthly and annually recurring revenue credit facilities, unitranche and first-in last-out credit facilities, and revolving lines of credit.
The group “understands the unique attributes of technology and venture-backed businesses, which often have recurring or re-occurring revenue streams,” or both, bank President and CEO Sam Sidhu said. “Our … team specializes in creating financing structures and offering the portfolio management services that venture capital, growth equity, and private equity firms require.”
Heading the group are managing directors Sean McGah and Bobby Bryant, who will focus on growing relationships to establish the bank’s national presence in the sector. Robbie Barton, vice president and relationship manager, supports the team to create solutions that meet client challenges. Keagan Latta, associate vice president and portfolio manager, supports the venture loan portfolio.
Customers Bank is a full-service bank with $19.1 billion in assets, and is a wholly owned subsidiary of Customers Bancorp Inc.