Western Alliance Bank Provides $40 Million Credit Facility to Support Sayari Labs’ Growth
WASHINGTON — Western Alliance Bank today announced its Innovation Banking Group has closed on a $40 million credit facility for Sayari Labs Inc., a Washington, D.C.-based leader in financial intelligence and supply chain risk solutions.
The credit facility includes venture debt and a monthly recurring revenue (MRR) line of credit to help fund Sayari’s growth.”
The deal highlights the Innovation Banking Group's capability of working with companies, such as Sayari, that have complex business models. The financing is the latest in a series of deals from the Innovation Banking Group's Washington, D.C. office, which serves clients throughout the Mid-Atlantic region.
“We see tremendous value in the innovation Sayari brings to financial intelligence with the important mission of helping to keep the world safer from financial crime,” said Brian McCabe, senior director in Western Alliance's Washington, D.C.-based Innovation Banking Group.
Founded in 2015, Sayari works with financial institutions, Fortune Global 500 corporations and financial crime regulators and enforcement agencies in 35 countries. Its data intelligence platform powers the fight against global financial crime, increases corporate transparency in high-risk places and supports critical national security missions.
The company’s proprietary pipelines collect, extract, enrich, match and analyze high-value information from more than 150 countries, enabling enterprises to have a complete picture of their customers and competitors. Its clients include Coca-Cola, Facebook, State Street and Santander.
“This financing through Western Alliance's Innovation Banking Group will provide liquidity as Sayari expands our reach to businesses and governments around the world,” said Eric Rhoades, chief financial officer at Sayari. “We appreciate Western Alliance Bank’s role in helping to power our growth toward our goal of helping our clients integrate data and advanced analytics into their everyday operations.”
About Sayari Labs
Founded in 2015, Sayari is trusted by top financial institutions, Fortune Global 500 corporations, and financial crime regulators and enforcement agencies, across 35 countries. Sayari’s data intelligence platform powers the fight against global financial crime, increases corporate transparency in high-risk places, and supports critical national security mission sets.
Innovation Banking
Western Alliance Bank’s Innovation Banking Group, a national banking group within Western Alliance Bank, Member FDIC, delivers flexible financial solutions custom-built for innovation companies at every stage of growth to empower success in any economy. The group also includes the Life Sciences Team, the Fund Banking Team and the Startup Banking Team, providing essential support for various sectors within the innovation economy. Clients nationwide benefit from the Innovation Banking Group’s deep industry knowledge, commitment to customer relationships and exceptionally responsive service. The Innovation Banking Group is part of Western Alliance Bancorporation, which has $90 billion in assets and has ranked as a top U.S. bank by American Banker and Bank Director since 2016.