MENLO PARK, Calif., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a multi-year credit facility to new client ShopRunner, a membership-based online shopping service. Proceeds from the facility will support general operations as the company continues to expand its member and retail partner bases.
Founded in 2010 by e-commerce entrepreneur Michael Rubin, ShopRunner offers exclusive benefits—like free two-day shipping, free return shipping, “express” check-out and member-only deals—to high-value consumers. The platform helps e-commerce retailers and brands compete with large online retailers like Amazon as consumer demands continue to raise the bar for the online shopping experience. ShopRunner is led by Sam Yagan, former chief executive officer and current vice-chairman of The Match Group, and backed by Alibaba Group, Kynetic and American Express.
“We were seeking a commercial banking partner with a track record of supporting high growth technology companies and an entrepreneurial mindset,” said Scott Simmons, chief operating officer and chief financial officer of ShopRunner. “Square 1 has developed a strong understanding of our business and been highly responsive to our needs.”
Ron Kundich, managing director in Square 1’s technology practice, added, “ShopRunner has built a unique platform with a proven track record of successfully connecting top retailers with online shoppers. The company has a strong pedigree and is poised for significant growth. We are pleased to welcome the ShopRunner team to the Square 1 family and look forward to supporting their efforts for years to come.”
About ShopRunner
ShopRunner is the best way to save time and money while shopping online for the stuff you love. Its unique membership experience makes it easy for members to get everything from designer jeans to digital cameras. ShopRunner connects top retailers and brands to the best online shoppers. ShopRunner’s exclusive member benefits and highly targeted, data-driven marketing help retail partners acquire high value customers while increasing existing customers’ purchase frequency and spend. The company continues to experience tremendous growth, with over 3.5M members and 150 retail sites in its network, including leading brands like Neiman Marcus, Saks Fifth Avenue, Ralph Lauren, Tory Burch, Kate Spade, American Eagle, Under Armour, Brooks Brothers, Eddie Bauer, Staples, Newegg, 1-800 Flowers and many more. For more information, visit www.shoprunner.com.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.