PHILADELPHIA -- October 29, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Incurrent Solutions with a $2.5 million operating and equipment line of credit.
Incurrent, based in Parsippany, New Jersey, is the leading provider of online cardmember self-service solutions for credit card issuers and transaction processors.
"Silicon Valley Bank brings unequalled experience in technology financing and understands expansion-stage companies better than any other bank," said Catherine Betz, director of finance for Incurrent. "Silicon Valley Bank's full-range of products and services will provide us with the necessary tools to promote and sustain our company's growth."
"We are pleased to provide Incurrent with the expansion capital necessary to develop their company," said Ash Lilani, manager of Silicon Valley Bank's Philadelphia office. "Incurrent's seasoned management team and market leadership make them a great client for the Bank."
About Incurrent Solutions
Founded in 1997, Incurrent Solutions (www.incurrent.com) provides advanced online cardmember self-service solutions to card-issuing banks, retailers, and transaction processors. Incurrent's clients include NextCard, Certegy, Fiserv, Fleet Credit Card Services, MBNA, Sears, Metris Companies, and other major card issuers. Incurrent has seen the volume of its clientele's total cardmember base grow from 15 million to 100 million, reflecting a rapidly growing industry need for its services.
CardSite, Incurrent's cutting-edge, e-service enhances cardholder experience and cultivates account loyalty at a cost significantly lower than traditional customer interaction methods. Cardholders enjoy real-time access to account information, statements, bill payment, secure e-mail, reports, searches, interactive sessions, and other service-enhancing tools for Web, wireless and voice channels.
Incurrent's investors include Edison Venture Fund, PA Early Stage Partners, Knickerbocker LLC, Rolling Hill Investments LLC and NJTC Venture Fund.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.