FreshBooks secures up to $100 million credit facility to support global growth

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Toronto, CANADA, August 03, 2022 (GLOBE NEWSWIRE) — FreshBooks, a leading accounting software with paying customers in over 160 countries, today announced that it has secured a US$100 million syndicated credit facility with BMO Financial Group (BMO) and JP Morgan (JPM). The facility also includes an uncommitted accordion feature of US$25 million, for a total borrowing capacity of up to US$125 million. With BMO as sole bookrunner and administrative agent, this credit facility will allow FreshBooks to continue its plans for rapid global expansion, including strategic acquisitions and investments in more regulated markets.

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“This funding comes at an important time of momentum for FreshBooks,” said Don Epperson, CEO of FreshBooks. “We want to seize global growth opportunities and continue to scale our operations to support more business owners than ever before, with our easy-to-use accounting software and locally relevant integrations.”

“This increase in FreshBooks’ credit facility strengthens our balance sheet and gives our team the financial flexibility to operate efficiently and with confidence,” said Michael Washinushi, Chief Financial Officer of FreshBooks. “Working with partners such as BMO and JPM further strengthens FreshBooks’ ability to support small business owners around the world.”

“We are proud to continue our support of FreshBooks, a partnership that helps drive our teams and our customers forward,” said Christopher Jackson, Director, Technology and Innovation Group, BMO Financial Group. “The mission-driven team at FreshBooks continues to accomplish great things in serving the growing small business and freelancer market. This credit facility will strengthen the team’s ability to move efficiently and capture more market share worldwide. »

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“JP Morgan is thrilled to be part of FreshBooks’ growth story and to play a role in supporting the company’s continued global expansion,” said Richard Zeni, chief relationship officer at JP Morgan. “Empowering small businesses is a shared priority between our two companies, and we’re excited that more small businesses are empowered to achieve their goals and dreams.”

In August 2021, FreshBooks announced that it had secured US$130 million. Over the past two years, FreshBooks has acquired German invoicing and financial management software company Fastbill, and Mexican e-invoicing company Facturama.

Learn more about FreshBooks here.

About FreshBooks

FreshBooks is changing the way business owners manage their books. Its owner-focused accounting platform, trusted by businesses in over 160 countries, takes an easy-to-use approach to managing finances, invoicing, payments, and customer engagement. Known for its 10-time Stevie-winning customer service, FreshBooks serves customers of all sizes from offices in Canada, Croatia, Germany, Mexico, the Netherlands and the United States. FreshBooks has been recognized as one of Great Places to Work’s Top 10 Employers for seven of the past eight years.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022 and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services. investment to more than 12 million customers and leads through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets

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