Bridge Bank Extends a $5 Million Monthly Recurring Revenue Line of Credit Facility to One Medical Passport
BOSTON - July 20, 2021
Bridge Bank today announced its Boston-based Technology Banking Group has extended a $5 million monthly recurring revenue (MRR) line of credit to One Medical Passport (1MP), a provider of software that helps ambulatory surgery centers and hospitals streamline their systems.
The line of credit is expected to provide the company with additional capital to bolster its growth in the ambulatory surgical software space.
“Supporting the talented team at One Medical Passport as they work to achieve their growth goals is extremely rewarding for Bridge Bank,” said Darren Gastrock, director in Bridge Bank’s Boston-based Technology Banking Group. “We enjoy helping our tech and innovation clients in all parts of the country to meet their ambitions.”
Despite the COVID-19 pandemic, 1MP reported strong revenue growth in fiscal year 2020. Revenue is expected to grow by 19% in 2021 as the result of hiring hyper-growth SaaS leader, Craig Silverman as its chief revenue officer in 2020.
1MP has built a full software suite through reinvesting profits into the company as well as utilizing its Series A round to build out additional product solutions.
More than 750 of the 5,700 ambulatory surgery centers in the United States use 1MP’s software and about 18 million medical passports or patient registrations have been created through One Medical Passport.
“Bridge Bank’s debt financing will be instrumental in fostering our growth,” said Stephen Puznak, chief executive officer and founder of One Medical Passport. “Their support will give us the opportunity to serve more ambulatory surgery centers and, as a result, connect with more patients.”
About One Medical Passport
One Medical Passport is the leading provider of cloud-based workflow solutions to the ambulatory surgery industry. 1MP is dedicated to continuously improving outpatient surgery for patients, staff and physicians alike. For more information, visit https://1mp.com/.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small- to mid-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year.