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Squire Secures $35 Million in Debt Financing from Silicon Valley Bank
FCNCAFirst Citizens BancShares(FCNCA) Prnewswire·2024-11-19 14:00

Financing and Partnership - Silicon Valley Bank (SVB) provided 35millionindebtfinancingtoSquireTechnologiesInc,aleadingmanagementandpointofsale(POS)systemforbarbershops[1]−ThefinancingaimstohelpSquiredriveinnovation,expanditsplatform,streamlineoperationalefficiency,andgrowrevenueforbarberbusinesses[2]−SVBexpandeditsinitialcreditfacilitytosupportSquire′sgrowthandscalingefforts[4]SquireTechnologiesOverview−SquireTechnologieswasfoundedin2015bySongeLaRonandDaveSalvant[3]−Thecompanyprovidesacomprehensivebusinessmanagementplatformforbarbershops,includingCRM,appointmentmanagement,analytics,andPOSsystems[3]−Squire′splatformhelpsbarberbusinessesattractandretaincustomers,manageoperations,increaserevenue,andhandleappointmentsandservicesinoneplace[3]−Squireistrustedbybarbersinover3,000shopsandprocessesover35 million in debt financing to Squire Technologies Inc, a leading management and point of sale (POS) system for barbershops [1] - The financing aims to help Squire drive innovation, expand its platform, streamline operational efficiency, and grow revenue for barber businesses [2] - SVB expanded its initial credit facility to support Squire's growth and scaling efforts [4] Squire Technologies Overview - Squire Technologies was founded in 2015 by Songe LaRon and Dave Salvant [3] - The company provides a comprehensive business management platform for barbershops, including CRM, appointment management, analytics, and POS systems [3] - Squire's platform helps barber businesses attract and retain customers, manage operations, increase revenue, and handle appointments and services in one place [3] - Squire is trusted by barbers in over 3,000 shops and processes over 1 billion in payments across more than a thousand cities globally [6] Industry Impact - Squire's platform is tailored to the specific needs of barbershops, enabling business owners to effectively manage clientele, payment operations, and overall business success [4] - The company supports shop owners in bridging the gap between their personal craft and business goals through tools like streamlined booking, real-time earning dashboards, and customer relationship building [6] Silicon Valley Bank Background - SVB, a division of First Citizens Bank, specializes in providing commercial banking to innovative companies in technology, life science, healthcare, private equity, and venture capital industries [5] - SVB operates in innovation centers across the United States, leveraging deep sector expertise and connections to serve its clients [5] - SVB's parent company, First Citizens BancShares, Inc, is a top 20 U S financial institution with over $200 billion in assets [5]