PHOENIX, Jan. 31,
2024 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ:
TRIN) ("Trinity"), a leading provider of diversified financial
solutions to growth-stage companies, today announced the commitment
of $15 million in growth capital to
Kafene, a point-of-sale platform that helps retailers offer
underserved consumers more flexible purchase options through
transparent lease-to-own (LTO) agreements.
Kafene's lease-to-own platform has generated more than
$150 million in incremental sales for
its retailer partners since its launch in 2020. With a proprietary
machine learning model that leverages more than 20,000 data inputs,
Kafene's tiered financing approach offers each customer an
optimized financing option based on their risk profile – an
innovative solution in the lease-to-own industry.
"Kafene's advanced underwriting process makes it more efficient
and affordable for consumers across the credit spectrum thereby
allowing merchant partners to expand their customer base," said
Andrew Ghannam, Managing Director,
Tech Lending at Trinity. "We're excited to partner with their team
and look forward to supporting the company's growth."
In 2023, Kafene finalized its Series B venture funding round at
$31 million in equity financing led
by Third Prime alongside existing investors.
This incremental growth capital will enable the team at Kafene
to continue to scale its commercial operations and reach a broader
consumer base.
"It is very exciting to work with a capital partner like Trinity
that is so aligned with Kafene's vision for the future," said
Neal Desai, Co-Founder & Chief
Executive Officer, Kafene. "This partnership will fuel our ability
to serve Kafene's growing network of merchants and customers while
delivering high-quality credit performance for years to come."
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective
is to generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
About Kafene
Kafene is a leading point-of-sale leasing partner dedicated to
empowering flexible ownership solutions for underserved customers
nationwide. By enabling our retail partners to offer flexible LTO
purchase options for prime and nonprime consumers, Kafene helps
merchants grow their customer base, and meet growing demand for
furniture, appliances, electronics, tires and other durable goods.
Utilizing cutting-edge AI and machine learning technologies, our
platform creates a best-in-class experience for both merchants and
customers. Kafene has generated more than $150 million in incremental sales for its
retailer partners since its launch in 2020. To learn more about
Kafene please visit www.kafene.com, and to learn more about
Kafene's commitment to customer experience and consumer protection,
please visit here:
https://kafene.com/consumer-friendly-commitments.
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SOURCE Trinity Capital Inc.