Durham-based Square 1 Bank is expanding into accounts-receivable financing.
Square 1, which caters to venture-capital-backed businesses, announced Thursday that it has acquired most of the assets and hired all of the employees of Sand Hill Finance, a Silicon Valley business that provides accounts receivable financing to emerging growth companies across the country. Financial terms werent disclosed.
In accounts-receivable financing, a business uses its receivables, or money thats owed by its customers, as collateral for a loan.
Square 1 officials couldnt be reached for comment on how many employees Sand Hill has or the size of its loan portfolio.
Square 1 has 10 offices nationwide. It has more than $2.1 billion in assets and posted net income of $16.2 million in the first nine months of 2013, up 32 percent from a year earlier, according to data filed with the Federal Deposit Insurance Corp.