Bridge Bank Extends a $5 Million Monthly Recurring Revenue Line of Credit Facility to One Medical Passport
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, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise, focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — Bridge Bank has the reach, resources and deep industry knowledge that make a difference for customers.