FREMONT, CA – October 29, 2020 – 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 (OTA) 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.”
About LSQ
LSQ helps businesses better manage their cash flow to make the most of whatever they’ve earned. Offering invoice financing and supply chain finance solutions LSQ provides clients with a simple, secure, and honest funding experience. LSQ blends human insights with the analytical power of technology to develop products that give customers the means to accelerate the flow of business. LSQ, headquartered in Orlando, Florida, has helped 1000s of companies access $24 billion in its 20+ years in business. Learn more about our solutions at https://www.lsq.com/.
About Safetrust
Safetrust delivers a touchless access experience that modernizes the new workplace to be secure, integrated and convenient. Using virtual credentials stored in mobile phones or wearables, Safetrust enables employees to move seamlessly through secured doors, elevators, turnstiles and more. Safetrust eliminates the need to replace access readers by leveraging existing infrastructure, providing a fast, cost-effective, and convenient upgrade path to touchless virtual credentials. Safetrust is headquartered in Fremont, California. For more information, visit www.safetrust.com, Facebook, Twitter, or LinkedIn.
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