Financing provided by SVB's Enterprise
Software Group
NEW
YORK, Nov. 19, 2024 /PRNewswire/ -- Silicon
Valley Bank (SVB), a division of First Citizens Bank, today
announced it has provided $35 million
in debt financing to Squire Technologies Inc., a leading full-scale
management and point of sale (POS) system that helps barbershop
owners scale their businesses and increase clientele while also
reducing the amount of time spent in back-office operations.
Backed by new financing from SVB's Enterprise Software Group,
Squire is poised to drive ongoing innovation and expand its
industry-leading platform, streamlining operational efficiency and
growing revenue for barber businesses.
"Partnering with Silicon Valley Bank allows us to build on our
strong foundation and accelerate our mission of delivering
exceptional tools tailored to the needs of our clients," said
Dave Salvant, Co-Founder and
President of Squire Technologies.
Founded in 2015 by Songe LaRon
and Dave Salvant, Squire provides a
comprehensive business management platform designed to elevate
barbershop operations with integrated tools for Customer
Relationship Management (CRM), appointment management, analytics,
and point of sales (POS) systems. Through the Squire platform,
barber businesses attract and retain customers, manage operations,
increase revenue, and manage appointments and services all in one
place.
"With its innovative platform, Squire provides tools tailored to
the specific needs of barbershops allowing business owners to
effectively manage their clientele and payment operations while
successfully running their business," said Simon Keyes, co-head of SVB's Enterprise
Software group in New York. "SVB
is pleased to continue our long-standing relationship with Squire
by expanding our initial credit facility and providing financial
solutions to help them continue to grow and scale their
business."
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is
the bank of some of the world's most innovative companies and
investors. SVB provides commercial banking to companies in the
technology, life science and healthcare, private equity and venture
capital industries. SVB operates in centers of innovation
throughout the United States,
serving the unique needs of its dynamic clients with deep sector
expertise, insights and connections. SVB's parent company, First
Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S.
financial institution with more than $200
billion in assets. First Citizens Bank, Member FDIC. Learn
more at svb.com
About Squire
SQUIRE is the leading business management
system designed for the needs of barbers, shop owners, and their
communities. They provide custom tools, resources, and guidance to
help barbers of all stages and experience levels attract and retain
more customers, efficiently manage their shop operations, and
increase their revenue. From streamlined booking and opening new
shops to real-time earning dashboards and building lasting customer
relationships, SQUIRE supports shop owners in seamlessly bridging
the gap between their personal craft and business goals. Founded in
2015, SQUIRE is trusted by barbers in 3,000+ shops and processes
over $1B in payments in more than a
thousand cities around the globe. For more information,
visit http://www.getsquire.com
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SOURCE Silicon Valley Bank