Private credit innovator, Percent, concludes 2022 with record growth, fueled by numerous accomplishments, launches and innovative partnerships, and enters 2023 with significant momentum despite economic volatility
NEW YORK–(BUSINESS WIRE)–Percent, the revolutionary platform that has created the modern credit marketplace, closed out 2022 with record-setting volume increases. Additionally, the company made a series of transformative partnerships, closed a debt financing round with Nomura Strategic Ventures, and launched several new products, propelling the company into a promising 2023.
Percent created the modern credit marketplace, which has transformed the private credit sector. As of the end of 2022, the company has enabled its investors to deploy over $1B since its founding in 2018 across 392 funded offerings for nearly 40 lower middle market corporate borrowers. While Percent’s historical average APY for investors sits at 12.48%, it currently stands at 14.91%, offering an immensely alluring and promising opportunity for investors despite the tumultuous economic environment. While investor sign-ups grew over 82% to nearly 30,000, Percent also onboarded four new underwriters and 12 new borrowers, showing how the platform appeals to all three sides of a private credit transaction.
“Despite the volatility seen in public markets, we have had a very successful year at Percent. In fact, we’ve seen tremendous growth in all three of the audiences we service – investors, borrowers, and underwriters. We are proud to have built a platform that is transforming the private credit market and providing the data and transparency into transactions that others cannot provide,” said Nelson Chu, Founder and CEO of Percent. “We look forward to continued momentum in this new year.”
Key Achievements, Product Launches and Partnerships in 2022
- Released Percent for Underwriters; an intuitive platform that delivers time-saving workflow automation for both buy-side and sell-side firms, directly solving the notoriously inefficient process of sourcing, structuring, syndicating, and servicing lower middle-market debt transactions.
- Acquired proprietary portfolio surveillance and risk management technology from MidCap Financial to further bolster transparency to all transaction participants.
- Entered into an agreement with MTAG Services, LLC to serve as a third-party verification agent on primarily asset-based offerings.
- Ranked on the American Banker 2022 Best Places to Work in Financial Technology list, was named as a finalist for the Benzinga Awards and the Fintech Nexus Awards; and Percent’s CMO, Jessica Zall, also secured a finalist spot in Markets Media’s Women in Finance Awards.
- Partnered with Anzen to provide the first-ever credit default swap protection on private credit investment offerings, enhancing its managed blended note product.
- Expanded debt asset class coverage from only asset-based to corporate loans as well, including both traditional lower middle-market loans and venture debt.
- Closed a strategic debt financing with Nomura Strategic Ventures with the intention to explore commercial collaborations in 2023 and beyond.
- Successfully arranged $265M in esoteric asset-backed deals with institutional structured credit investors for two large issuers.
“Our momentum and successes in 2022 have been reflective of our near-obsessive mission to seamlessly connect all the participants of a typical private credit transaction,” said Prath Reddy, President of Percent. “Given the volatility in public markets, there has clearly been a renewed interest in this asset class, and we look forward to riding these tailwinds to scale our business and grow beyond our expectations in this new year.”
Percent has created the modern credit marketplace, empowering investors, borrowers, and underwriters with innovative technology to increase the speed and velocity of transactions at a fraction of the cost. The company’s core infrastructure delivers public market efficiencies to the analog private credit market by powering the sourcing, structuring, syndication, surveillance, and servicing of private credit transactions from beginning to end. Founded in 2018, Percent’s platform is becoming the market standard for asset-backed and corporate lending, powering over $1 billion in transaction volume in a multi-trillion-dollar private credit industry. For additional information, please visit www.percent.com and follow the company on LinkedIn and Twitter.
Caliber Corporate Advisers