Some 71 percent of millennials would rather visit the dentist than just listen to a message from a bank. And anyone that has slogged through an SBA loan application might happily sign up for a root canal instead.
In that extreme distaste for banks, ApplePie Capital founder and CEO Denise Thomas saw an opportunity. “It’s the way the world is going. If I can do so much on the Internet, why can’t I do my financing?” pondered Thomas, who founded and self-funded the financing source in 2014 by packaging franchisee business loans for institutional investors.
And today, ApplePie got a fresh infusion of $16.5 million from QED Investors and Fifth Third as well as a $180 million loan purchase agreement from TowerBrook Capital Partners, the company is surging further forward in the franchise space.