Capital One Bank announced that it has provided a $42.5 million senior secured credit facility to iPipeline® (Internet Pipeline, Inc.) to finance its ongoing working capital requirements and current and future growth initiatives.
Founded in 1995, iPipeline provides the next-generation suite of sales distribution software through its on-demand service. iPipeline’s channel solutions automate and streamline marketing, selling and processing activities including health class ratings, CRM, quotes and illustrations, e-Applications, agency management, policy delivery, and related services for 125+ life insurance carriers, 1,200 distributors, and their producers and financial professionals.
“iPipeline is a leading provider in the life insurance and annuities automation vertical, a vertical that remains behind the technology curve,” said Alan Tom, Managing Director, Technology Sponsor Finance, Capital One Bank. “Given this industry dynamic and iPipeline’s competitive positioning, we’re excited about iPipeline’s prospects, and we look forward to building a long-term banking relationship with them.”
"We were very pleased with Capital One’s execution on this financing facility," said Larry Berran, Chief Financial Officer and Chief Operating Officer, iPipeline. "Capital One’s vertical expertise and significant resources as a Top 10 Bank provide us with a knowledgeable partner and a financing source that will allow us to accomplish our growth initiatives.”
Capital One Bank’s Commercial and Specialty Finance Business serves clients through a team of more than 200 associates who have expertise in technology, healthcare, security and defense, asset based lending, rediscount finance, municipal finance, and equipment leasing and finance. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.