Houston small biz services co. secures $30M in financing from Austin firm
Missouri City-based Exectras, a provider of services for small and midsize businesses, has secured debt financing of up to $30 million from Austin-based investment manager Tacora Capital.
Exectras says the money will go toward beefing up its merchant portfolios, developing infrastructure, and carrying out organic growth.
Founded in 2007, Exectras offers an array of discounted business services to small and midsize businesses, including merchant services, payroll, health insurance, and workers’ compensation insurance. In addition, Exectras originates and acquires credit card residuals and merchant portfolios representing billions of dollars in annual processing volume.
“We are grateful to have a partner in Tacora that understands our business and is committed to our growth. As entrepreneurs themselves, they understand how valuable our services can be. We look forward to an extended partnership,” Joseph Cherry, president and CEO of Exectras, says in a news release.
Denver-based SFT Capital arranged the deal.
Last year, Tacora launched its inaugural debt fund, which contains $350 million. Peter Thiel, a billionaire venture from Silicon Valley, is the fund’s main investor. He poured $250 million into the investment vehicle.
Formation of the Tacora fund comes amid a surge in private debt financing. Asset management giant BlackRock forecasts that the global market for private debt will soar to $3.5 trillion by 2028.