I4 Commerce Secures $640 Million Debt Financing From Citigroup
I4 Commerce has announced that it has secured $640 million in a corporate debt financing from Citigroup's
Corporate and Investment Banking division. The company, parent of Bill Me Later, says the debt proceeds will be used to fund the continued rapid growth of I4 Commerce's consumer loan portfolio and for general working capital.
Since its introduction three years ago, I4 Commerce has become the leading provider of alternative payment solutions for multichannel retailers. Almost two million consumers have used I4 Commerce's Bill Me Later to shop at more than 425 retailers, including Walmart.com, Apple, US Airways, OfficeMax, Brookstone and PETCO. I4 Commerce is the fourth fastest growing technology company in America over the last three years according to Deloitte & Touche."Online shopping is not growing as fast as it should be. Only by attracting new customers and making it more convenient and secure for them to make purchases can online commerce reach its full growth potential," said Gary Marino, CEO of I4 Commerce. "The additional liquidity the Citigroup financing provides will allow us to continue our strategy for rapid growth while maintaining our high levels of service for the retailers and consumers that rely on Bill Me Later."
"I4 Commerce has a terrific array of services and seasoned leadership and we are pleased to partner with them for this debt financing," said Douglas Lipton, a Director within Corporate and Investment Banking at Citigroup. "We look forward to working closely with I4 Commerce in the future as they bring their services to more merchants and consumers."
Note: Citigroup is a minority investor in I4 Commerce.
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