Porch Group receives USD 333 million in financing for convertible notes

Date:

Share post:

Porch Group, a vertical software company reinventing the insurance and home services sectors, has arranged financing for USD 333 million in convertible notes.

About 30,900 home services businesses, including home inspectors, moving companies, loan officers, title companies, real estate agencies, utility companies, and warranty providers, rely on software and services from Seattle-based Porch Group. The repurchase of Existing Notes and the offering of New Notes are anticipated to close simultaneously on April 20, 2023, barring any unforeseen closing conditions.

Porch plans to pay off a USD 10 million senior secured term loan from a Porch Group subsidiary with the net proceeds from the New Notes offering in addition to repurchasing USD 200 million of the Existing Notes.

Read More: Porch Group secures $333m convertible notes financing

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

Solutions by Text Appoints New Chief Product Officer to Bring Payments & Messaging into New, Autonomous Era

Solutions by Text, creator of FinText, an embedded messaging and payments platform for consumer finance businesses, today announced...

Arta Finance Hires Tomas Arlia to Expand Alternative Investment Offerings

Arta Finance, a fintech company transforming the way people grow, protect and enjoy their wealth, today announced the addition...

Varo Bank Introduces “Varo to Anyone”

Varo Bank announced the launch of "Varo to Anyone," an instant payment service with options for sending money,...

London & Capital Associates with Addepar to Offer Investment Management and Reporting Solutions Globally

London & Capital collaborates with Addepar to introduce portfolio analysis, data modeling, tailored investment management, and performance reporting...