Square 1 Bank Announces Credit Facility to ParoSeptember 25, 2018
Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $2.25 million credit facility to new client Paro, a leading, on-demand financial services platform. Proceeds from the facility will support continued growth initiatives.
Based in Chicago, Paro matches virtual, on-demand accounting and finance professionals with a variety of clients ranging from growth stage startups to enterprise businesses. After passing a rigorous screening process, highly skilled freelance CPAs, bookkeepers, CFOs and analysts are matched with businesses based on need and industry expertise. The companies receive cost-effective, high quality work while freelancers enjoy more autonomy and flexibility with their workload and schedule. Paro is backed by several leading investors including Revolution Ventures and Global Founders Capital.
“The future of work is upon us; at Paro, our mission is to empower finance and accounting professionals to embrace the future of work by doing what they love,” said Michael Burdick, chief executive officer of Paro. “We’re accelerating the migration to the freelance economy by giving freelancers the tools to manage and grow their professional lives. Paro’s platform helps the top 2% of finance and accounting professionals realize the benefits of freelancing. Square 1 took the time to really understand our mission, business and team, and provide a flexible financing option that fits our evolving needs.”
“Whether you work for a small startup or large corporation, hiring outside accounting firms or in-house bookkeepers can often be tedious and expensive,” added Ross Mires, senior vice president of Square 1’s technology banking practice. “Paro’s platform and network of qualified freelancers provides an innovative, flexible solution for businesses seeking quality, subject matter expertise on an as-needed basis. We believe Paro is poised for significant growth and we are excited to support its impressive team and platform.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 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.
Square 1 Bank, a division of Pacific Western Bank