Gambling.com Group secures $50m credit facility from Wells Fargo
Affiliate says funds will be used to explore “potential growth opportunities” as well as general costs and deferred considerations
Gambling.com Group has secured a new credit facility from multinational financial services company Wells Fargo worth $50m as the affiliate plans to fund “potential growth opportunities”.
The new funding is comprised of a $25m revolving credit facility and a $25m term loan facility.
The firm confirmed the credit facility will mature on March 19, 2027, and, subject to approval from Wells Fargo, could incrementally increase by up to $10m in the aggregate.
Gambling.com Group said the capital would be used for “general corporate purposes, to settle deferred consideration, and to fund potential growth opportunities”.
The business did not provide any further details on how those growth opportunities may manifest.
The Charles Gillespie-led company has tended to shy away from M&A in the past, instead focusing on organic growth, with the CEO going as far to describe it as the business’ “North Star”.
Elias Mark, Gambling.com Group chief financial officer, said: “We have established a track record of successful execution on our growth initiatives that are delivering consistently strong revenue, adjusted EBITDA, and cash flow growth.
“This new credit facility enhances our already strong balance sheet and liquidity, thereby providing additional financial flexibility as we pursue both organic and inorganic growth opportunities that can further scale the business and generate incremental value for our shareholders,” he added.
Gambling.com Group is due to release its Q4 and full-year 2023 results tomorrow, March 21.
In Q3, the group noted revenue had jumped year on year by 19% while delivering more than 86,000 new depositing customers during the reporting period.