The Receivables Exchange Announces Company Has Closed $17 Million In Financing From Bain Capital Ventures And Other Top Venture Capital Firms
Funding round enables company to add at least 60 new jobs averaging more than $70,000, plus benefits
NEW ORLEANS, La. — Today, Gov. Bobby Jindal joined The Receivables Exchange Co-founder and President Nic Perkin, The Receivables Exchange Co-founder and CEO Justin Brownhill, Bain Capital Ventures Managing Director Jeffrey Schwartz, Redpoint Ventures Founding Partner Jeff Brody and Louisiana Economic Development Secretary Stephen Moret to announce The Receivables Exchange, or The Exchange, has closed $17 million in a Series C financing round led by Bain Capital Ventures, one of the top venture capital firms in the U.S. The financing round also included participation from other top venture capital firms, including re-investment from Redpoint Ventures and Prism Ventureworks.
With its Series C funding in place, The Exchange plans to more than double its existing Louisiana workforce by adding at least 60 new jobs averaging more than $70,000, plus benefits, over the next three years. The Receivables Exchange will also use the funding to further scale its operations and sales activities and to significantly expand its marketing, business development and corporate partnership efforts. The company’s goal is to drive maximum awareness of its proven exchange-based receivables finance model among the millions of small and midsize businesses in the B2B sector. The Exchange will also continue to evolve its patent-pending trading platform and optimize customer lifetime value. LED estimates that the 60 new direct jobs will result in the creation of approximately 74 indirect jobs, which means the total impact of today’s announcement is the creation of more than 130 new jobs in the New Orleans area.