Toronto, CANADA, August 3rd, 2022 - FreshBooks, a leading accounting software with paying customers in 160+ countries, today announced that it has secured a $100 million USD syndicated debt facility with BMO Financial Group (BMO) and J.P. Morgan (JPM). The facility also includes an uncommitted accordion feature of $25 million USD, for a total borrowing capacity of up to $125 million USD. With BMO as the Sole Bookrunner and Administrative Agent, this debt facility will enable FreshBooks to continue its rapid global expansion plans, including strategic acquisitions and investment into more regulated markets.
“This funding arrives at an important period of momentum for FreshBooks,” said Don Epperson, CEO of FreshBooks. “We want to seize global growth opportunities and continue scaling our operations to support more business owners than ever before, with our easy-to-use accounting software and locally relevant integrations.”
“This increase to FreshBooks’ debt facility strengthens our balance sheet and gives our team the financial flexibility to move efficiently and with confidence,” said Michael Washinushi, Chief Financial Officer at FreshBooks. “Working with partners such as BMO and JPM, further enhances FreshBooks’ ability to support small business owners globally.”
“We’re proud to continue our support of FreshBooks, a partnership that helps to drive progress for both our teams and customers," said Christopher Jackson, Director, Technology & Innovation Banking Group, BMO Financial Group. “FreshBooks’ mission-driven team continues to accomplish great things in service of the growing small business and self-employed market. This debt facility will boost the team’s ability to move efficiently and capture more market share around the globe.”
“J.P. Morgan is delighted to be part of FreshBooks’ growth story and have a role in supporting the company’s continued global expansion,” said Richard Zeni, Relationship Executive at J.P. Morgan. “Empowering small businesses is a shared priority between our two companies, and we’re excited that more small businesses will be empowered to achieve their goals and dreams.”
In August, 2021, FreshBooks announced that it had secured $130 million USD. Over the last two years, FreshBooks has acquired Germany-based, invoicing and financial management software company Fastbill, and Mexico-based, e-invoicing company Facturama.
Learn more about FreshBooks here.
FreshBooks is changing the way business owners manage their books. Its owner-first accounting platform, loved by businesses in over 160 countries, takes an easy-to-use approach to managing finances, billing, payments, and client engagement. Known for its 10x Stevie award winning customer support, FreshBooks serves customers of all sizes from offices in Canada, Croatia, Germany, Mexico, Netherlands and US. FreshBooks has been recognized as a Top 10 employer by Great Places to Work for seven of the last eight years.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets