Cabicash Solutions Inc., D/b/a Ualett, Secures $50 Million Line of Credit to Accelerate Growth
WILMINGTON, Del., October 14, 2022 (Newswire.com) - Cabicash Solutions Inc, d/b/a Ualett, a Delaware-based online cash advance app targeted to the GIG community, has partnered with Thiele Capital Management to establish a $50M line of credit to continue expanding service for clients across the United States.
Ualett Co-founder and CEO, Ricky Michel Presbot said that business has grown quickly over the past few years, mentioning "Ualett has identified a solution for independent contractors to quickly acquire necessary funding from an easy and simple to use app." CFO Michael Havraniak added, "securing our credit facility from Thiele Capital Management sets us up for a tremendous growth opportunity going forward."
Thiele Capital Management CIO Alex Thiele commented on the partnership: "The team at Ualett has accomplished so much in such a short period. They have the perfect combination of talent on their team, product-market fit, and a focus on customer satisfaction that will continue to transform how the GIG economy funds itself. Thiele Capital Management is excited to help power Ualett's continued growth."
Ualett's technology makes it easy for independent contractors and businesses to manage their funding needs with one easy-to-use app. Most clients can access funds within minutes with our real-time payments delivery. Ualett has over 11,000 active customers and has funded over $95 million in transactions since inception, including ride-share drivers, delivery businesses, truckers, caterers, other 1099-based contractors, and a range of independent businesses.
For more information on Ualett, visit www.ualett.com
Source: Cabicash Solutions, Inc.