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Rivonia Road Capital provides $50 million credit facility to insurer platform
The revolving credit facility is intended to fund commission advances for independent agencies and back portfolio growth.
Rivonia Road Capital has provided a $50 million senior secured revolving credit facility to an insurance agency financing platform, according to Coverager.
The platform offers upfront funding to independent insurance agencies in exchange for rights to future commissions from insurance sales, and the credit line will finance the company’s commission advance program.
The facility is also expected to support the platform’s portfolio growth.
Coverager reports the borrower was not disclosed, and says Rivonia Road Capital was founded in 2017 and is based in Los Angeles, with a focus on non-bank lenders, specialty finance companies, and fintech businesses.