FINSIGHT is a privately held New York City-based financial technology company that provides fully integrated electronic roadshow, data room, market data and regulatory solutions for the global capital markets industry. Its clients include all the world’s leading investment banks and thousands of global corporate issuers. Its flagship product, Deal Roadshow, electronically distributes more than $50 billion of fixed income and equity primary offerings per month.
FINSIGHT had an existing banking relationship, but the company wasn't receiving the level of service it needed. After growing rapidly during the past two years, leadership was looking for financing solutions that would give them greater speed and flexibility. “We were looking for a line of credit and a financial partner willing to invest the time to understand what we do and how we make money " says Jordan Adler, co-founder and COO at FINSIGHT. “We reached out to a number of banks to learn more about what the options might be."
Although there was no immediate need for capital, Adler wanted a line of credit to provide a buffer should capital market activity materially decline. This would ensure the company always had enough cash on-hand to fund new development initiatives or bridge any working capital gaps. FINSIGHT interviewed several banks, asked for proposals, and submitted a web inquiry to PNC. FINSIGHT was assigned to a relationship manager on PNC’s Commercial Banking team who met with leadership in-person to gain the full scope of the company's goals and objectives.
Upon having deeper discussions about FINSIGHT's business, PNC put together a competitive credit line of $2.5 million, along with offering treasury management and deposit services. Thanks to FINSIGHT's organized and well-prepared financials, PNC was able to accelerate the process; the arrangement took approximately two months to finalize.
Adler says that PNC's willingness to meet with leadership in-person stood out. “Our existing bank was often slow to respond, and we weren’t getting any attention," he says. “Throughout the process, our Commercial Banking relationship manager was always our first call. He was available whenever we had questions and his ability to pull in other PNC team members to find solutions has been great."
Throughout the process, our Commercial Banking relationship manager was always our first call. He was available whenever we had questions and his ability to pull in other PNC team members to find solutions has been great.
— Jordan Adler, co-founder and COO at FINSIGHT
Adler says that PNC's terms were also easier to work with than other banks. The timeline from the initial meeting to a full proposal was shorter and more transparent. “The whole process was more straightforward, and the pricing and structure was more competitive. That adds a lot of value when you’re trying to stay focused on running your core business," Adler said.
As the relationship between FINSIGHT and PNC continues to mature, Adler says the company is considering how to move its foreign exchange business to PNC. “We think of PNC as a longterm strategic partner and we greatly appreciate their “can-do” attitude," Adler says.
With PNC, FINSIGHT has been able to:
- Establish a $2.5 million line of credit
- Improve and streamline treasury management
- Strategize financial solutions for its foreign exchange and international business lines