Northleaf arranges US$50 million credit facility for FundThrough

TORONTO (October 14, 2020) – Northleaf Capital Partners (Northleaf) today announced that it acted as the sole lead arranger of a US$50 million senior secured credit facility to support the recapitalization and growth of FundThrough Inc. (FundThrough), North America's leading tech-enabled invoice funding company for small- and medium-sized businesses.

The Northleaf facility expands FundThrough’s funding resources to serve more small businesses in the United States and Canada at a time when governments are scaling back lending programs, large companies are extending payment terms to their smaller suppliers, and traditional financial institutions are tightening access to credit.

“The Northleaf team moved quickly to provide a capital structure solution that is customized to meet FundThrough’s unique needs. We are excited to partner with Northleaf as we enter our next phase of growth and further capitalize on a large, expanding market opportunity,” said Steven Uster, Co-Founder and CEO of FundThrough.

“FundThough’s mission, to help small businesses succeed by enabling them to control their cash flow, has taken on a heightened degree of importance in this challenging market environment,” said Michael Morris, Managing Director at Northleaf. “Northleaf is delighted to partner with FundThrough to support the company’s continued growth. We believe this transaction will create significant benefits for FundThrough and its customers, and represents an attractive investment opportunity for Northleaf’s investors.” 

This transaction highlights Northleaf’s flexible approach to investing in the specialty finance sector, and its ability to provide senior debt, hybrid capital and equity capital to support owners of leading specialty finance and financial technology businesses across consumer, commercial and related verticals.

Stephens Inc. served as exclusive financial advisor to FundThrough in the transaction.

About FundThrough

FundThrough is a leading fintech company that enables businesses to access unlimited capital based on the value of their outstanding customer invoices. Its platform lets businesses connect their accounting software and directly submit invoices for funding. On average, FundThrough improves its clients’ cash flow position by reducing their wait time by 97%. Based in Toronto, the company serves clients across the United States and Canada. For more information, please visit

About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with US$14 billion in private equity, private credit, and infrastructure commitments under management on behalf of public, corporate, and multi-employer pension plans, endowments, foundations, financial institutions, and family offices. Northleaf’s 150-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park, and Melbourne, is focused exclusively on sourcing, evaluating, and managing private market investments globally. Northleaf’s portfolio includes more than 400 active investments in 35 countries, with a focus on mid-market companies and assets. For more information on Northleaf, please visit

For more information, contact:

Investor and media inquiries:

Nadine Cannata
Director, Communications
t: +1 416 477 6623

Transaction-related inquiries:

Michael Morris
Managing Director
t: +1 312 871 4830