DURHAM, N.C., March 21, 2017 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $10.5 million credit facility to new client SparkPost, a leading cloud email infrastructure provider. Proceeds from the facility will provide working capital for ongoing company initiatives.
Through its cloud email delivery service, SparkPost provides the deliverability, security, reliability, speed and insight needed to drive superior customer engagement to over 20,000 active users ranging from small startups to major technology companies. The company is responsible for sending over three trillion messages per year – more than 25 percent of the world’s legitimate emails – and has experienced a continuous increase in volume each month since its inception.
“As the only full-featured cloud email delivery service built on Amazon Web Services (AWS), we can focus on continuing to innovate the world’s best cloud email delivery platform instead of having to deal with dated and unreliable datacenter architecture,” said Phillip Merrick, chief executive officer at SparkPost. “The confidence demonstrated by Square 1 is further proof of our position as the fastest growing cloud email provider in the market. We look forward to leveraging this capital to continue fueling our strong growth.”
“SparkPost’s remarkable success and evolution are a testament to their employees’ vision and hard work which has steadily grown the company’s notable client base, which includes Twitter, LinkedIn, Pinterest, Zillow and CareerBuilder,” added Ryan Dammeyer, managing director and head of Square 1’s Structured Finance Group. “Its renowned cloud email service is in high and increasing demand, and we are excited to support the company’s continued evolution.”
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.
About SparkPost
SparkPost is the world’s #1 email infrastructure provider, offering the most performant cloud email delivery service available. Customers including Pinterest, LinkedIn, Twitter, Groupon, Marketo, Zillow, CareerBuilder, the Financial Times and Comcast send over 3 trillion messages a year, more than 25 percent of the world’s non-spam email. These companies choose SparkPost to provide the deliverability, speed to launch and data insights they need to drive customer engagement for their business. Follow us on Twitter @SparkPost or go to sparkpost.com.