Manatt represented Idea 247, Inc. (d/b/a Idea Financial), a leading marketplace lender, in securing a $70 million warehouse loan facility with Cross River Bank. The transaction closed on May 15. Manatt also advises Idea Financial on general corporate matters, including product structuring and regulatory matters.
Idea Financial is a Miami-headquartered digital lender providing business financing to small and midsized businesses through a range of innovative arrangements including low- or no-fee credit lines, accounts receivable financing and other bespoke lending products.
Cross River Bank, also a Manatt client, is a New Jersey state-chartered bank and market leader in fintech partnerships, offering banking services to digital finance startups, marketplace lenders and nontraditional money service providers.
Brian Korn, a partner in Manatt’s financial services group and leader of the firm’s fintech practice, led the Manatt team. Brian was assisted by associates Benjamin Brickner and June Kim. The deal team also included partners Carl Grumer, Ellen Marshall and Craig Miller.
For more about the transaction, click here.