VC-backed FreshBooks snags $100m debt facility from BMO, JP Morgan

• BMO served as the sole bookrunner and administrative agent on the financing
• The debt facility will enable FreshBooks to continue its rapid global expansion plans
• FreshBooks’ venture capital backers include Accomplice, which led its 2021 Series E round

FreshBooks, a Toronto-based cloud accounting software provider to small businesses, has secured a $100 million syndicated debt facility from BMO Financial Group and JP Morgan.

The facility also includes an uncommitted accordion feature of $25 million, for a total borrowing capacity of up to $125 million.

BMO served as the sole bookrunner and administrative agent on the financing. The facility will enable FreshBooks to continue its rapid global expansion plans, including strategic acquisitions and investments into more regulated markets.

“This funding arrives at an important period of momentum for FreshBooks,” said Don Epperson, CEO of FreshBooks, in a statement. “We want to seize global growth opportunities and continue scaling our operations to support more business owners than ever before, with our easy-to-use accounting software and locally relevant integrations.”

Over the last two years, FreshBooks has acquired Germany-based, invoicing and financial management software company Fastbill, and Mexico-based e-invoicing company Facturama.

FreshBooks last year raised $80.75 million in Series E financing led by Accomplice, bringing total funding to $130 million.