PEARL RIVER, N.Y., May 19, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL), today announced it has made a capital investment in Finitive, a New York based financial technology firm. Founded in 2017, Finitive operates a data-driven platform that provides institutional investors with direct access to curated private credit transactions. Using technology and data to match institutional investors with private credit opportunities, Finitive seeks to simplify and accelerate the closing process, providing investors with seamless and frictionless access to investment opportunities while providing issuers with an efficient source of capital to meet their needs. Finitive’s technology driven marketplace platform provides investors with access to a multi-trillion dollar market that spans a broad spectrum of sectors, including specialty finance, online lending, marketplace lending and private credit funds, and matches originators with a global network of institutional investors that can facilitate efficient access to capital.
This investment reflects Sterling’s strategic commitment to partnering with innovative venture and early stage financial technology companies that can accelerate the expansion of Sterling’s digital offerings while delivering long-term growth.
“We are delighted to make this investment in Finitive. We believe, as they do, that technology and data can remove friction in the private credit market and in the lending market more generally, providing originators with the capital they need to grow their businesses,” said Bea Ordonez, Chief Financial Officer at Sterling Bancorp. “This marks the latest in a series of strategic partnerships and technology investments that will contribute to our ongoing digital transformation.”
“Finitive is thrilled to welcome Sterling Bancorp as an investor and strategic partner in our mission to streamline and simplify the process of connecting lenders and borrowers in private credit transactions,” said Jon Barlow, CEO of Finitive. “We are excited about the synergies between our two companies. Finitive will deploy the new capital from Sterling to advance our business, providing digitized deal sourcing, screening and due diligence for investors and easier access to debt financing for borrowers.”
About Sterling Bancorp
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com.
About Finitive:
Finitive is the leading data-driven private credit marketplace. Through its tech-enabled platform, institutional investors access a multi-trillion-dollar market of private credit opportunities across multiple asset classes and structures, including specialty finance, online lending, marketplace lending, and private credit funds. Borrowers gain efficient access to capital via a global network of investors who are actively allocating to private credit. All regulated activities are conducted through North Capital Private Securities, a registered broker-dealer and member FINRA/SIPC. For additional information, please visit Finitive's website at www.finitive.com.
STERLING BANCORP CONTACT:
Emlen Harmon, Senior Managing Director – Investor Relations
212.309.7646