WWC
Securities, LLC has closed $6.5 million of Series C Convertible
Preferred Stock for First Equity Card.
The financing round was led by Mellon Ventures, Inc., a new investor
in the company. The existing institutional investors, Venture
Capital Fund of New England IV, L.P. and WWC Capital Fund, L.P.
participated in the Series C funding, as did FECC’s management
team.
First Equity Card is a provider of business credit cards to small
businesses in the United States. The company uses a highly outsourced
business model to reach its customers efficiently. The company
was founded in 2001 by an experienced management team that had
worked together in other mono-line credit card companies, banks
and consulting companies. FECC raised its first institutional
capital in 2002 with VCFNE and WWC.
Proceeds from the raise will be used to support the growth of
FECC’s loan portfolio and for general business purposes.
Tim Clarke, president of FECC, said, “This new round of
capital will allow us to become operationally cash flow positive
and grow rapidly in the coming years.” Earlier in the year,
FECC closed a receivables financing facility with Merrill Lynch.
WWC Securities acted as placement agent on the financing. The
transaction closed in January 2004.
